Clean Energy Ahead: A Clean Energy Industry Update

Key Takeaways:

• According to Deloitte’s 2024 Renewable Energy Industry Outlook, utility- scale solar power saw substantial growth in the U.S., compared to other renewable energy sources. 
• The top trend for the clean energy industry indicates more investments rolling in for renewables, which means a boost for regulations.
• Renewable energy has become a go-to resilience strategy for thermal energy sources.
• Geothermal and renewable natural gas are resurging technologies in the clean energy space.
• The Philippines has become one of the top pacesetters for renewable energy projects and initiatives in the Southeast Asian region. 
• The 3rd Clean Energy Philippines Conference Expo is set to happen in September 2024.

Deloitte’s 2024 Renewable Energy Industry Outlook provided a snapshot of the current clean energy industry landscape. Focusing on which renewable energy sources have gained the most traction, and enumerating key trends in renewables, the report sets a good baseline from which we can glean salient insights for our country’s clean energy industry outlook. 

This report shows that utility-scale solar power experienced substantial growth in the U.S., compared to other renewable energy sources such as wind. 

The Philippines mirrors this event in that solar power projects edge out wind energy projects, standing at 299 and 187 respectively. 

This report also shows that regulatory boosts are the top trend in renewable energy. With more interest and investments pouring in for renewables, it brings with it a shift in regulatory practices that open up growth opportunities. 

The same trend can be seen in the Philippines. Foreign investors can now have full ownership and equity in renewable energy companies, thereby providing a boost for projects in the pipeline, and possibly accelerating current ones. 

Another trend mentioned in the report shows that renewable energy has become key to building a resilience strategy for energy issues, where thermal energy sources might fail or fall short. 

A good example of this is seen in Aboitiz Power’s 159-megawatt peak (MWp) Laoag solar power plant in Pangasinan. The power plant provides additional power capacity in the area and assists in reducing grid strain. 

Our country has long since had 100% electrification as one of its goals. President Ferdinand Marcos Jr. reiterated this in his 2024 State of the Nation address. He also said that the existing Electric Power Industry Reform Act (EPIRA) needs to be reviewed to bring down power costs for the country. 

With many areas in our country still waiting for electrification, renewable sources of power are being explored to bolster resilience. The beginning of projects such as the solar power plant in Daanbantayan, Cebu is highly anticipated. 

The third trend in Deloitte’s 2024 Renewable Energy Industry Outlook describes resurging trends in renewable energy sources, namely geothermal and renewable natural gas. 

In 2023, Aboitiz Power held a groundbreaking ceremony for a new 17-megawatt (MW) geothermal power facility in Tiwi, Albay. The new power plant will sit side-by-side with the first geothermal power plant in the country. 

According to ThinkGeoEnergy, the Energy Development Corporation (EDC) is targeting to commence operations on four geothermal power plants before 2024’s end. These geothermal power plants can be found in Bicol, Negros Occidental, and Leyte. 

In addition to these, the EDC is planning to expand or augment existing geothermal power plants with Battery Energy Storage Systems (BESS). These are expected to go online by the end of 2024. 

With renewable energy projects such as these, it’s easy to see why the Philippines is now recognized as a pacesetter in the Southeast Asian region. With 3% of these projects currently under construction, a robust and steady follow-through ensures that steady steps are being made to meet national goals. 

Clean energy industry leaders, policymakers, and innovators are currently counting down to the 3rd Clean Energy Philippines Conference Expo, set to happen in September 2024. According to its official website, the conference gathers over 300 senior-level experts, decision-makers, and project owners from the renewable energy industry. Featuring two seminars, more than 30 keynote speakers will be sharing their knowledge and insights on boosting the renewable energy sector in our country. 

This platform allows experts and innovators to collaborate on current and future issues as well as explore opportunities for harnessing renewable energy in our country.