PRESIDENTIAL frontrunner Ferdinand “Bongbong” Marcos Jr. intends to increase the number of Geothermal power plants in the country by offering a cost-sharing incentive to potential investors if he wins in the fast-approaching 2022 elections.
The Partido Federal ng Pilipinas (PFP) standard-bearer lamented the slow development of the country’s Geothermal energy sector hampered by low levels of private sector investment.
“Accelerating the development of our Geothermal resources needs the participation of the private sector. As it stands, the risks and capital requirements in the early stages of exploration are high, ” he said.
“That is why we need to come up with a risk-sharing or cost mitigation agreement with potential investors for them to get involved,” Marcos added.
“Geothermal energy is an ideal energy source for the country since it is clean, reliable, and environment-friendly. Also, since we are situated along the Pacific Ring of Fire, our country possibly has the highest untapped geothermal energy reserves in the world,” Marcos continued.
As of 2021, the Philippines ranks third among countries with the highest installed geothermal power generation capacity, next to Indonesia and the United States.
The Philippines operates the 7th and 4th largest geothermal facilities globally with the Tiwi and Makiling-Banahaw (Mak-Ban) power plants.
The country has seven geothermal power plants with an installed capacity of 1,918 megawatts (MW) that supplies 12% of the country’s energy needs.
“We will push for the necessary policy and regulatory reforms needed to fast-track geothermal energy development in the country. Together with this, we are considering creating a government body that would focus solely on geothermal explorations,” Marcos stressed.
Geothermal energy is considered a climate change resilient renewable power source like solar, wind, and hydro.
It is also reliable and stable such that it is being used as a baseload energy source in the country’s electrical grid.
Marcos’ energy blueprint envisions sufficient, reliable, and affordable electricity for every Filipino.