malaysiang
Manila: The Department of Energy (DOE) is intensifying efforts to close energy cooperation deals on a bilateral level as the country is a ‘bit behind’ its renewable energy target.
DOE Secretary Raphael Lotilla led an energy mission in Saudi Arabia this week, signing the country’s first memorandum of understanding (MOU) with the Saudi Energy Minister Abdulaziz bin Salam Al Saud.
Maharlika Investment Corp. President and Chief Executive Officer Rafael Consing Jr. also joined the energy chief in his energy mission in the Middle East country.
He was also accompanied by Philippine energy firms ACEN Corp., Aboitiz Power, Amber Kinetics, Citicore Renewable Energy Corp., and San Miguel Corp. Power Holdings that held meetings with Masdar, Emirates Nuclear Energy Corp. (ENEC), and the International Renewable Energy Agency (IRENA).
‘Our ambitions are not at the same levels. We are a bit behind because it’s 50 percent by 2040, so we have much to learn from Saudi Arabia,’ Lotilla said in an interview with the Arab News
.
‘But with the cooperation of different countries even at bilateral level, we can achieve more.’
In a statement Friday, the DOE said the Philippine-Saudi Arabia MOU on energy also involves cooperation on nuclear energy with ENEC.
‘ENEC is developing peaceful nuclear energy, including the Barakah Nuclear Energy Plant, the first nuclear project of its kind in the Arab world. As the Philippines establishes an independent regulatory body for the safe and secure development of nuclear energy through priority legislation, ENEC can offer valuable support,’ the department said.
It added that the possible collaboration with ENEC could include developing comprehensive legal and regulatory frameworks, collaborating on training programs for regulators and technical staff, advising on stakeholder engagement, and offering technical expertise.
Early this month, Lotilla also signed an MOU with South Korea to commence the feasibility study of the Bataan Nuclear Power Plant (BNPP) in January 2025.
Coal’s rising share
I
n a commentary released to the press Friday, Fitch Solutions unit BMI forecast that coal-fired power generation’s share of the power mix will peak above 60 percent between 2023 and 2025, before dropping below 60 percent for the years after 2025.
‘As the market deals with the depletion of gas reserves over short term, we expect the ramping up of coal-fired power generation to be the likely solution to make up for the shortfall in gas-fired power generation,’ the BMI said.
Source: Philippines News agency
