Lack of Incentives holding back geothermal development in the Philippines
Energy Development Corp. (EDC) sees the lack of incentives for geothermal like those given to wind, solar and hydropower projects as a key obstacles attracting necessary investment into geothermal development in the Philippines.
The Philippines are blessed with huge potential for geothermal energy, yet has been struggling living up to that potential with geothermal development.
In conjunction with a recent event in the Philippines, Allan V. Barcena, Corporate social responsibility head of Energy Development Corp. (EDC) also indicated that he sees the lack of incentives and limited access to land as largest obstacle to attracting investors for geothermal energy development in the country.
EDC is now planning to work in increasing efficiency and output at its geothermal power plant instead of developing new projects, we reported. EDC currently operates geothermal plants in Kananga and Ormoc, Leyte; Valencia in Negros Oriental; Bacon in Sorsogon and Manito in Albay; and Kidapawan in North Cotabato. These same sites will be the site of binary plants which the company will put up within the year.
The challenge for geothermal energy is that it is not getting any incentives from the governments, unlike wind, solar and hydro power developments. The key seems to be that the government does not see geothermal technology as a “new technology”.
Source: Business Mirror