Installed non-hydro renewable power capacity in the Philippines is expected to register a compound annual growth rate (CAGR) of 11% between 2018 and 2030, according to GlobalData.
GlobalData’s latest report, Philippines Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape, states that the country’s growing economy will result in electricity consumption rising from 81.7 terawatt hour (TWh) in 2018 to 173.9 TWh in 2030.
GlobalData analyst Harshavardhan Reddy Nagatham said: “Growing population is driving electricity consumption in the Philippines. As a result, new investment in capacity addition is urgently needed.
“Peak demand has been increasing annually and a lot of new operational capacity is expected to be unlocked in the near future.”
The share of thermal power in the total installed capacity is set to decline from 67.8% in 2018 to 53.7% in 2030, while non-hydro renewable energy sources are expected to increase their share from the current 16.9% to 26.9% in 2030.
The government is currently promoting the capacity addition of solar, wind and biopower capacity through feed-in tariffs.
