The Philippine energy sector will need at least P3 trillion in fresh investments between now and 2030, to ensure adequate power to support the growth of the local economy.
Based on the Philippine Energy Plan 2012-2030 unveiled before stakeholders on Wednesday, the bulk of the investment, or P1.2 trillion, will go to the natural gas sector.
Roughly P950 billion is expected to be poured into the alternative fuels sector; P557 billion in renewable energy projects; P397 billion in power generation projects; and P48 billion in upstream resource development, Energy Secretary Carlos Jericho L. Petilla said in his presentation of the latest energy blueprint.
According to the PEP, the expected 7 percent economic growth of the country will require an additional capacity of 11,400 megawatts, which will all come from the private sector.
The investments are also expected to help the government pursue its main thrusts for the energy sector, namely, ensure energy security, which is the physical availability of energy supply at a reasonable price; expand energy access with focus on providing electrification to the countryside to usher economic growth; and promote a low-carbon future in response to global calls to mitigate climate change.
Petilla said one of the reference frameworks of the 2012-2030 PEP was the Energy Reform Agenda formulated at the onset of the Aquino administration, with the main focus of providing “energy access for more.”
“The agenda is anchored on encouraging stakeholders’ participation and proactive collaboration with local government units (LGUs), promoting transparency and accountability and initiating multi-sectoral partnership in all phases of energy policy and planning and program implementation,” Petilla said.
“It will also maximize the use of developments in the ICT to improve the delivery of energy products and services in the country. The public and stakeholders shall have access to information on the initiatives of the energy sector including their development and progress with respect to agreed benchmarks,” he added.
The plan also calls for the establishment of an integrated Information and Communications Technology (ICT) infrastructure that will enable various stakeholders to access energy-related information and services in real time.
An updated and online energy data and information, Petilla said, will help policy makers make intelligent decisions, appropriately guide the business sector on the best investment options and promote consumer empowerment.