Aboitiz Power Corporation and its subsidiary Visayan Electric Company Inc. (Visayan Electric) recently hosted a two-day Power 101 session for the members of media covering the Energy beat.
Resource persons during the Power 101 training session came from the Department of Energy (DoE) Electric Power Industry Management Bureau and University of the Philippines Los Baños (UPLB) Department of Economics faculty members who provided an overview of the Philippine power sector as well as the energy markets; and policy and regulations, along with the current state, challenges, and prospects of the electric power sector in Cebu island.
The DoE indicated that Cebu Island’s peak demand is projected to increase from 630.85 megawatts in 2023 to 940 megawatts in 2032.
Philippine Energy Plan
Also outlined was DoE’s Philippine Energy Plan 2023-2050 which is aimed at increasing the share of renewable energy by more than 50 percent by 2050; repurposing coal facilities; and the adding of nuclear and offshore wind capacities to the power mix.
In 2023, 62 percent of power generation in gigawatt hours in the Philippines comprised of coal, 22 percent renewable energy, 12 percent natural gas, and 4 percent oil-based sources.
“Speakers from the Department of Economics elaborated on relevant economic concepts, tools, and methods [that] accompany the discussions [covering] the energy sector, as well as electricity,” said the UPLB faculty members, “Emphasis was placed on [the] specificity of electricity as a service and it’s importance in economic growth and development.”
The UPLB faculty members also noted that, on average, it takes seven years to build a power plant. This is an important consideration in supporting energy security for the province and the country.
Training highlights
Highlighted in the training were the Electric Power Industry Reform Act; the Wholesale Electricity Spot Market as an institution and its mechanisms; government taxation and subsidies for electricity; and national regulatory frameworks aligned with the United Nations Sustainable Development Goals and the ASEAN framework on energy.
“The energy sector is a vital part of our daily lives, but its complexities can sometimes be difficult to grasp,” said Visayan Electric Reputation Enhancement Manager Queenie Bronce.
“We hope the seminar equipped [media professionals] with the tools and knowledge to better engage with the power industry,” she said.
Visayan Electric is the second largest private electric distribution utility in the Philippines; it’s franchise area covers the cities of Cebu, Mandaue, Talisay, and Naga, the four municipalities of Liloan, Consolacion, Minglanilla and San Fernando in greater Metro Cebu.
AboitizPower is the holding company of the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.