Philippine is currently ranked as the world’s second-largest developer of geothermal energy. It is now going for a colossal expansion. A plan to provide contracts for another 19 geothermal power plants amounting to a total of US$2.5 billion (private investment) is soon to be launched.
In the coming months, the Philippine’s government will be confirming 10 geothermal sites, while additional nine projects shall be discussed later with different companies. This is what Alejandro Oanes, who is the division chief for geothermal energy at Philippine Energy Department said to Reuters.
It was also mentioned that Geysir Green Energy, an Icelandic geothermal energy developer as well as Energy Development Corp, Philippine’s largest geothermal energy producers were amidst the bidders on the 19 contracts.
The expansion of geothermal energy capacity at these 19 sites is estimated to bring a total of 620 megawatts. This includes energy generation at two volcanoes Mt Labo in Camarines Norte with a potential yield capacity of up to 65 MW and Mt Isarog in Camarines Sur province with a possible capacity of up to 70 MWs.
There have been geothermal resources (sites) spotted at regions such as Cagayan, Oriental Mindoro, Benguet, Palawan, Laguna and Surigao Del Norte.
The Philippines is positioned in what many refer to as the Pacific Ring of Fire – The region has several active volcanoes and earthquakes. It is also surrounded by both the Pacific Ocean and some part of the Indian Ocean. Besides, most of these areas have a great potential for geothermal energy.
Currently, 17 percent of Philippine’s energy is generated from geothermal energy. It represents a total of 2 GW of energy according to the figures published by the government in 2009. However, the government has set a goal to increase this figure by 2020 from 2 GW to 4.5 GW from geothermal energy. This will be one of its measures to double the renewable energy usage.
The government is also providing tariff exemptions and tax holidays for renewable power projects. This is part of its strategy to attract investors. In the last month, a total of 87 contracts has been signed to 18 companies. These agreements include renewable projects associated to hydropower, wind, tidal and solar power.
Source: business Green
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