MANILA — Department of Energy (DOE) Secretary Alfonso Cusi called on energy sector stakeholders to look for new investment opportunities that will come as a result of increasing power demand in the near future.
During the 2018 Energy Investment Forum in Taguig City on Tuesday, Cusi stressed that the country’s power requirement by 2040 will reach 43,765 megawatts.
He added that the DOE, National Electrification Administration, and Philippine Rural Electric Cooperatives are strengthening their collaboration to provide electricity to unserved and underserved areas by 2020.
Just last month, the DOE started to accept applications for energy resources exploration under its Philippine Conventional Energy Contracting Program (PCECP), wherein the government offers 14 pre-determined areas for interested parties to invest in drilling activities.
Aside from the pre-determined areas, DOE also accepts nomination of areas for exploration. However, this is still subject to DOE’s approval.
“Ensuring reliable, sufficient, and affordable electricity in the country entails close cooperation and collaboration with all our partners in the industry,” said Cusi.
“We need to step up to further strengthen and sustain our partnership, especially in terms of building energy resilient infrastructures, as well as in the exploration and development of our indigenous energy resources,” the DOE chief added.
He noted that his department is closely working with lawmakers to pass the Energy Virtual One Stop Shop (EVOSS), which targets to streamline the permitting process in the energy sector for the entire project cycle.
EVOSS aims to accelerate the establishment of power plants by expediting the process for investors in the energy sector.
Crismundo, K. (December 4, 2018). Cusi highlights investment opportunities in energy sector. PTV News. Retrieved from https://www.ptvnews.ph/cusi-highlights-investment-opportunities-in-energy-sector/