Chevron Geothermal Philippines Holdings Inc. (CGPHI) president and general manager, Antonio Yee, said that they are planning to set up new geothermal power plants in the Philippines, instead of bidding on existing ones. In line with this, they have also expressed interest in bidding for geothermal exploration blocks that the Department of Energy (DOE) gives out.
This decision seems to have been aided in part by the passage of the Philippine Renewable Energy Act, which gives fiscal and non monetary incentives to investors who are willing to setup renewable energy projects in the country.
Yee was quoted to have said:
Before the enactment of the RE Act, we were not looking into other areas probably for the last 20 years. We felt then the fiscal environment is not attractive to develop a Greenfield project. But with the RE Act, we are actually very interested in evaluating new prospects given the good fiscal incentives under the RE Act.
CGPHI has also been reported to be working with the Aboitiz Group, to expand the Tiwi-Makban Geothermal fields.
The Philippines is second only to the United States in being the country with the most number of geothermal power plants. In the United States, Chevron is a leader in the development of energy from Geothermal sources. In the Philippines however, Chevron is more known as a gasoline retailer and as part of the Big Three Oil companies.
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Category: Investing, Geothermal, Chevron
