PRESIDENT Ferdinand “Bongbong” R. Marcos Jr. has approved the creation of an investment council to fast-track the processing of applications from offshore wind (OSW) power developers.
Marcos made the decision during his closed-door meeting with Energy Secretary Raphael P.M. Lotilla and other energy officials on Wednesday, when they presented their exploration and development plan for OSW.
The Office of the Press Secretary said the President was “in favor” of the DOE proposal to create Offshore Wind Development and Investment Council, which will serve as a “one-stop shop” for OSW developers.
However, Marcos said he still wants the DOE to oversee the regulation of OSWs.
“It should be the Department of Energy who should be talking with the OSW developers, in consultation with the council, of course. It has to be led by the DOE,” Marcos said.
Lotilla proposed the formation of the council amid the “strong interest” for foreign companies to provide the country access to OSW technologies.
DOE reported it has already approved 42 offshore wind contracts with an indicated capacity of 31,000 megawatts (MW).
Citing the World Bank’s OSW Roadmap, it noted the country has the capacity to deploy 40 gigawatts of OSW electricity by 2050, which will help address the country’s growing power needs.
“This is more than enough to cover the 500,000 MW projected peak demand the country will require by 2040 based on DOE’s medium to long-term power outlook,” Lotilla said.