: DOE Undersecretary Felix William B. Fuentebella delivering a presentation entitled "Looking Ahead: The Philippine Energy Plan 2040" during the "Korea-Asia Energy Cooperation Seminar" held on 6 July 2017 at the Plaza Hotel in Seoul.
Undersecretary Fuentebella announced to Asian energy sector players and government officials that the Philippines was open to foreign investments in energy projects noting that the Philippines would require 43,765 megawatts (MW) of additional electricity capacity by 2040, representing a three-fold increase in the Philippines' demand for energy. Undersecretary Fuentebella declared that "to address this need, the Philippines would need 70% base load power plants, 20% medium range power plants and 10% peak load power plants."
During his presentation, Undersecretary Fuentebella expounded on the energy policies and thrusts of the administration of President Rodrigo Duterte by providing a comprehensive overview of the Philippines' primary energy mix, energy demand and supply outlooks from ?2016-2040 as well as strategic directions from 2017-2040 and the DOE's Nine-Point Energy Agenda.
The DOE Undersecretary also briefed the audience on promising investment prospects in the Philippine energy sector. He cited the demand for new power plants in areas identified by the DOE in Luzon, Visayas and Mindanao. Major energy projects were also highlighted in the presentation, such as the Integrated LNG Terminal and Visayas-Mindanao Interconnection Project along with their corresponding costs and projected timelines for completion.
To highlight the Philippines as an attractive destination for energy investors, Undersecretary Fuentebella announced that President Duterte recently signed Executive Order No. 30 giving priority status to energy projects. Under E.O. 30, an Energy Investment Coordinating Council was created to streamline regulatory procedures affecting energy projects of national significance. The EO also reduced to 30 days the processing time for applications for energy-related undertakings and projects.
In the open forum, Undersecretary Fuentebella said that the Philippine government is open to looking at micro-grids to augment the energy supply given the country's archipelagic location and that the DOE would soon release guidelines pertaining to the Green Energy Option.
Following the DOE's presentation during the seminar, several Korean companies expressed avid interest in exploring energy investment opportunities in the Philippines.