Posted on May 27th, 2009
The implementing rules and regulations (IRR) of the Renewable Energy (RE) Act of 2008 was already signed last Monday, and the Department of Energy (DOE) is expecting more investmentsÂ in the renewable power industry to pour in soon.
Energy Secretary Angelo Reyes said, â€œThe RE Act is a good law that offers hefty and robust incentives to people wanting to invest in the renewable energy sources.â€ He added that the RE Act is something that the government should encourage, since the future is in the renewable energy.
Reyes said the government is looking to double its renewable energy-sourced power capacity from 4,500 megawatts (MW) to 9,000 MW in 10 years. He said the total renewable potential of the entire country is 200,000 MW compared with the rated capacity 15,000 MW.
â€œSo this is clearly more than 10 times of the power we are generating now, as this is a huge potential,â€ Reyes said. He added that the potential power is the reason why the government is adamant in encouraging local and foreign investors to get into the RE business. He also noted there are a lot of investors looking at the countryâ€™s wind, hydro and geothermal projects.
Meanwhile, former energy secretary Vincent Perez commendedÂ Reyes and the whole department for the successful and early completion of the RE Act. Under the RE Act, the DOE had six months to complete the IRR. The IRR of RE Act was signedÂ Monday after a series of nationwide consultation that started in February this year.
â€œWe, in the renewable energy industry, are most appreciative of the extraordinary efforts that Secretary Reyes and his team exerted in completing the IRR,â€ said Perez, who noted that the IRR was completed with a good one month ahead of schedule.
He added, â€We hope to build on the positive momentum from the IRR to implement the NREBâ€™s mandate under RE Act,â€ as he expressed strong commitment to Reyes and the DOE in the National Renewable Energy Board (NREB) in promoting renewable energy in the Philippines.
The NREB was created under Section 27 of RE Act and itÂ is a recommending advisory body on renewable-energy policies that will monitor the implementation of action plans of the DOE.