Alternergy keen on joining DOE green power auctions

Listed Alternergy Holdings Corp. expressed interest in participating in the government’s new rounds of bidding for “clean” energy projects as it ramps up its portfolio.

“We are very excited about the prospect of participating in GEA (green energy auction) 3 and 4,” its president Gerry Magbanua told reporters in a briefing last week.

The Green Energy Auction Program seeks to boost the government’s goal of scaling up renewable energy’s share in the power generation mix to 35 percent by 2030, from 22 percent at present.

The executive said his group had been in close coordination with the Department of Energy, the Energy Regulatory Commission (ERC) and other stakeholders to ensure that “all the policies are in place, the mechanics are very clear.”

In July, Energy Undersecretary Rowena Cristina Guevara said two green energy biddings would happen in the last three months of 2024, with around 11,000 megawatts (MW) of renewable energy capacity up for grabs.

Guevara said at that time that the GEA-3 would bid out 3,000 MW, catering to geothermal, impounding hydro and pumped-storage hydro. The GEA-4, meanwhile, may include 8,200 MW.

“We will see if GEA-3 would be more attractive to us depending on what prices will be made available,” Magbanua said.

Asked about the ideal price, the Alternergy official did not provide figures, but said they “like it to be fair.”

Like other industry players, Magbanua noted the weak performance of the GEA-2, where the sector saw “a huge gap.”

Conducted in 2023, the auction received a total of 3,580.76 MW in committed capacities, way below the 11,600-MW capacity on offer as incentives set by the ERC were perceived to be low.