THE Senate Committee on Energy wants the Energy Regulatory Commission (ERC) to finalize the green energy auction reserve (GEAR) prices for the third round of Green Energy Auction (GEA) scheduled this year.
THE Senate Committee on Energy wants the Energy Regulatory Commission to finalize the green energy auction reserve prices for the third round of Green Energy Auction scheduled this year.
In order for the GEA3 to happen, the ERC must release first the GEAR prices. It is ERC’s mandate to determine the GEAR prices or the maximum price offers for the GEA. “One of the items required there would be the approved pricing methodologies with ERC. We’re coordinating that,” said Lotilla.Investors eyeing to join the auction are awaiting the release of the GEAR prices since the tariff is a main factor in their investment decisions.
The DOE earlier cited supply limitation, low incentives, delay in the conduct of grid impact studies, and the cost of financial guarantees as some of the reasons for low investor turnout during the GEA-2. With pumped storage providing 3,120MW of flexible storage and generation, it allows the grid to manage variable RE and allow more VREs to be included in the energy mix.
The target is to finish the Green Energy Auction 3 “before the end of the year such that the pumped storage hydro, 3,000 megawatts, will be able to come in five years from now,” DOE Undersecretary Rowena Guevara told senators. “There has to be a more sophisticated auction design that will allow leaders in the energy sector to participate actively and see the signals as correct,” Capellan added.
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