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Reyes urges passage of renewable energy bill

David Dizon, abs-cbnnews.com | 08/27/2008 2:36 PM

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Passage of a renewable energy law will lead to greater energy security in the Philippines and lessen the nation's dependence on imported fuel, Energy Secretary Angelo Reyes said Wednesday.
 
Reyes said passage of the Renewable Energy Act of 2008 will allow government to further harness Philippine indigenous energy sources such as wind, hydro, geothermal, solar and even tidal waves to fill the country's energy needs. He said that under the Renewable Energy Policy Framework launched in 2003, the government has set a 10-year target of an additional 4,835 MW in installed capacity from renewable sources, making the total renewable energy capacity at 9,305 MW.
 
Reyes said a new renewable energy law will complement existing laws that have reformed the country's energy sector, deregulated the oil industry and helped clean up the country's air.
 
"We want to be seen as a main producer of renewable energy. After all, we are an agricultural country and we have cleaner energy resources compared to imported fossil fuels," Reyes said at the Energy, Climate and Food Security Conference at Sofitel Hotel in Manila.
 
The energy chief said the country is currently using up the equivalent of 28.7 metric tons of oil to fill the energy needs of the residential, commercial, agricultural and transport sectors. He said the country imported 101.4 million barrels of oil, costing $7.5 billion, in 2007. He said he expects local demand for oil to increase by 3.6 percent while coal demand will increase 4.2 percent in 2009-2030.
 
Larry Asera, ASERA chairman, said passing the Renewable Energy Act would mean greater savings for the Philippine government by reducing dependency on imported fuels such as coal and oil and avoiding foreign exchange volatility.
 
He said the RE Act also provides incentives to renewable energy investors while providing mechanisms to create a market for renewable energy generated power.
 

as of 08/27/2008 3:17 PM