The entry of 45,337 megawatts of renewable energy by 2040 under the Philippine Energy Plan will usher in investments of about P3 trillion, a Department of Energy official said Thursday.
Jesus Tamang, director of Energy Policy and Planning Bureau, said during the 2021 Luzon Virtual Energy Investment Forum the PEP was aiming to bring in about 75,325 MW of generating capacity by 2040.
“Of the 75,325 MW of required additional capacity, 45,337 MW will be provided by RE in the grid. Driven mainly by the expected additional capacity coming in between now and 2040, the energy sector is expected to bring in a minimum of P3 trillion of new investment in the country,” Tamang said.
He said the power sector was expected to have structural change towards a greater share of natural gas, renewable and other technologies.
“The structural change in the power sector will shift our reliance on power generation to RE and cleaner fossil fuels specifically natural gas and alternative fuels and technologies,” he said.