November 1, 2020 Read More →

Philippine coal moratorium spurs calls for local geothermal development

The Energy Mix:

The Philippines’ just-announced temporary moratorium on new coal plants is being met with calls to go further, while its move to loosen restrictions on foreign ownership in order to more easily develop its geothermal potential is stirring complaints from groups that want to see the resource tapped by local companies.

Four years after President Rodrigo Duterte brought coal roaring back into the country’s energy mix—courtesy of policies that prioritized the quick expansion of baseload capacity over long-term sustainability—his administration has done an about-face by ceasing permits for new coal power plants, reports 24Pilipinas.

24Pilipinas says a significant driver behind the abrupt decision to put the brakes on coal is the steadily dropping cost of renewable energy. “The costs trajectory and the current costs of renewable energy…when generated domestically is getting cheaper than imported coal and imported gas,” said Sara Ahmed, energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA). 

[Staff Report]

More: Philippines Puts Brakes On Coal Power Development, Boosts Geothermal

Posted in: IEEFA In the News

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