DOE Secretary Alfonso Cusi made the statement Tuesday in his recorded speech for the 2nd Global Ministerial Conference on System Integration of Renewables as part of the Singapore International Energy Week 2020.
“While we have initially embraced a technology-neutral policy, our periodic assessment of our country’s energy requirements is paving the way for innovative adaptations in our policy direction,” he said.
Cusi said this policy will help the country to shift to a more flexible power supply mix and to accommodate the entry of new, cleaner, and indigenous technological innovations.
He added the DOE innovates its policies to encourage more investments in the renewable energy landscape.
Cusi said the country now allows 100 percent foreign ownership in large-scale geothermal exploration, development, and utilization projects, or those with an initial investment cost of about $50-million capitalization through Financial and Technical Assistance Agreements (FTAAs).
Last week, the DOE released a Department Circular providing the guidelines for the third open and competitive selection process (OCSP3) in the awarding of renewable energy service contracts.
“As we slowly rebuild our economies, now is the time for us to band together to further pursue and integrate renewable energy in our long-term energy agendas,” Cusi said. (PNA)