THE Energy Regulatory Commission (ERC) approved the new feed-in-tariff (FIT) for wind projects at Php 7.40 per kilowatthour (kWh), which is significantly lower than the previous rate of Php 8.53 per kWh.
“We already approved Wind FIT of Php 7.40 during our October 6 commission meeting,” ERC chairman Jose Vicente Salazar said in a text message Thursday.
The FIT is a mechanism that allows generation companies to charge at a required per kWh rate for 20 years. The current FIT is competed for through completing the project at a set deadline.
The chairman explained that the National Renewable Energy Board (NREB) applied for a Wind FIT of Php 7.90 per kWh, but it had adjusted the amount due to the weighted average cost of capital (WACC), the internal rate of return (IRR) and the capacity factor.
However, Salazar explained that the resolution has not been completely signed by the commissioners.
The new wind FIT will accommodate the following projects: Petrowind Energy Inc.’s 36 megawatt (MW) Nabas Wind Project, Trans Asia Renewable Energy Corp.’s 54-MW San Lorenzo Wind Farm and Altenergy Wind One Corp.’s 54-MW Pililia Wind Farm.
The previous Wind FIT was granted to Energy Development Corporation’s 150-MW Burgos Wind Farm, 18 MW Northwind and the 81-MW Caparispisan Wind project.
NREB is composed of officials from the public and private sectors which aims to improve the state of renewable energy in the country. It was created through Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001. --Juzel L. Danganan/PNA
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