TARGETING to meet the projected 4.4-percent annual electricity demand growth, the Department of Energy (DOE) has estimated that the country would need P1.420 trillion to meet such requirement from now until 2014, Energy Secretary Angelo Reyes said Wednesday.

“The much-needed capital of P1.420 trillion is expected to be infused by both the private and public sector,” the energy chief said at the Philippine Economic Briefing.

Given these developments, Reyes said the DOE has identified its priorities in moving forward.

 Based on the integrated plans of distribution utilities nationwide, Reyes noted that electricity demand is projected to grow at an annual rate of 4.4 percent in the next 10 years from 2008 to 2017.

Reyes said the projected growth will require investment opportunities in the generation sector to put up additional capacity of 4,100 megawatts (MW), with 3,000 MW coming from Luzon, 500 MW from the Visayas and 600 MW from Mindanao.

To make these power-supply requirements, Reyes further said that significant numbers of investors have expressed their interest.

“To date, there is a total 4,480.5 MW of indicative additional generation capacities in the form of expansion of existing plants or putting up of new ones,” he added.

Reyes further said that the DOE, in coordination with relevant government agencies, are working closely to facilitate the entry of much-needed investment.

In addition to the identified capacities, he added that there is still untapped renewable sources of energy open for investments to supplement the country’s long-term supply requirements.

Reyes said the country has a potential capacity for geothermal that stands at 1,200 MW and a total 7,400 MW for wind power.

Saying that natural gas is fast becoming a major fuel source in the Philippines, Reyes said his office has put in place plans to expand critical infrastructure to support the development of the gas industry—which will entail a total of $5 billion to put up the entire infrastructure and related facilities such as the construction of high-pressure transmission pipelines, a liquefied natural gas import terminal and gas-fired power plants.

“The energy-sector challenges, I believe, can be summarized in the energy sector’s policy statement of ensuring secure, adequate, quality and reliable energy supply at reasonable prices. In the era of high fuel prices, significant dependence on imported fuels and limited government funds to finance large infrastructure investment attaining this objective is not easy,” said Reyes.

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P1.420T in fresh capital needed to improve power sector, says Reyes

TARGETING to meet the projected 4.4-percent annual electricity demand growth, the Department of Energy (DOE) has estimated that the country would need P1.420 trillion to meet such requirement from now until 2014, Energy Secretary Angelo Reyes said Wednesday.