TAGUIG CITY – The Department of Energy (DOE) is pleased to release the results of the first auction round of the Green Auction Program (GEAP), which was conducted through an electronic bidding program on 17 June 2022.
With a success rate of 98.3465%, the first round successfully generated 1966.93 Megawatts of renewable energy (RE) capacities that have been committed to deliver energy from the period 2023 to 2025 at a competitive price that is lower than or equal to the Green Energy Auction Reserve prices set by the Energy Regulatory Commission.
The resulting Green Energy Tariff of this competitive process will set the benchmark price of RE to reflect the current value of electricity.
Marginal offers, which will exceed the threshold capacities, per technology, per grid, were given up to 20 percent of their offered capacities, pursuant to the amended Clause 7.3.2.2 of the Terms of Reference for the first Green Energy Auction. Otherwise, the bidder may either opt to reduce its offered capacity without modifying its bid price or withdraw from the auction without forfeiting its Bid Bond.
The list of Winning Bidders was posted in the DOE official website last Friday (24 June).
Results are summarized below:
These Winning Bids were ranked based on offers from the lowest to highest bid price and stacked corresponding to the respective RE technology per grid.
The Certificate of Award shall be released to the Winning Bidder upon posting of the Performance Bond within 60-day prescribed period. Failure of which shall result in the forfeiture of the award and shall bar the bidder from offering the same RE facility in future Green Energy Auctions.
Through the GEAP, the Mandated Participants of the Renewable Portfolio Standards (RPS) Program are given substantial assistance to procure their energy requirements through a competitive process and ensure compliance with their minimum RPS requirements.
As the GEA will be conducted on a yearly basis, the DOE encourages RE developers that were not able to win in the first round bid, and those that were not able to submit offers, to participate in subsequent auction rounds.
###
