Policy Notes:
DOE Philippine Energy Plan 2023-2050

09 July 2024 – The Makati Business Club would like to share that the Department of Energy (DOE) released a revised and updated version of the Philippine Energy Plan (PEP). The current version now covers 2023 to 2050. According to the revised PEP, the Philippines is poised to achieve a renewable energy (RE) share of over 40% in the total energy mix by 2030 and to surpass 50% by 2040.

The DOE projects that renewable energy will contribute 41.45% to the energy mix by 2030 and 56.92% by 2040.

While the targets may seem ambitious, it is important to note the following:

1. DOE currently holds service contracts for RE projects totaling 93.7 GW. This reflects substantial interest from local and foreign private sectors in developing RE projects in the Philippines, primarily focusing on offshore wind and solar projects.
2. DOE has already granted the following service contracts:

• • 21 GW for solar projects (above target of 10 GW)
  • 12 GW for hydroelectric plants (above target of 5.2 GW)
  • 58 GW for offshore and onshore wind projects (above target of 11 GW)

If projects are executed in a timely manner, the projected capacities will significantly exceed the 35% RE target by 2030.

MBC advocates for secure, affordable, and renewable power in the Philippines. If you want to learn more about our power advocacy activities, have additional insights, or want to participate in future discussions on this or other subjects, please reach out to bettina.bautista@mbc.com.ph and adrian.asoy@mbc.com.ph.

If you would like to access the full PEP, kindly access these links:

• PEP 2023-2050 (Volume I)
• PEP 2023-2050 (Volume II)
• PEP 2023-2050 (Volume III)