MANILA, Philippines – The Energy Regulatory Commission issued on Friday the much awaited feed in tariff (FIT) rates for the use of renewable energy sources.
In a statement, the ERC said it has set a FIT rate of P9.68 per kilowatt-hour for solar; P8.53 per kWh for wind; P6.63 per kWh for biomass; and P5.90 per kWh for hydro resources.
“The lowered FITs will definitely cushion the impact of implementing the FIT incentive mechanism under the RE Act on the electricity rates, while still being sufficient enough to attract new investments in renewable energy. This is win-win for all,” ERC Executive Director Francis Saturnino Juan said.
The approved FIT rates were much lower than what developers had sought.
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