Philippines’ green energy auction heavily oversubscribed with nearly 7 GW of pumped hydro bids

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From ESS News

The Philippine Department of Energy (DOE) said on Tuesday that its GEA-3 auction round, focusing on technologies not eligible for feed-in tariff (FIT) such as pumped hydro storage, impounding hydropower, and geothermal, demonstrated an overwhelming response from industry stakeholders.

A total of 14 projects, with delivery period from 2025 to 2035, were submitted in the auction with a cumulative capacity of 7.5 GW, exceeding the installation target of 4,650 MW.

Offers for pumped hydro storage projects reached 6,950 MW, surpassing the 4,250 MW target installation.

Lot 1 procured 2 GW of pumped hydro storage, which should be delivered on the country’s largest and most populous island, Luzon, in the period between 2028-2030. The offered capacity stood at 2.5 GW.

Lot 2 was seeking to add 2 GW also in Luzon in 2031-2032 and was heavily oversubscribed with 4.2 GW of offered projects. The target of 250 MW was successfully procured in Lot 3 and shall be delivered in the Visayas region in 2031-2035.

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