PH gas outlook bullish but RE policies pose downside risks

Fitch Solutions said the Philippines’ gas consumption outlook remains bullish but the administration’s aggressive push for renewable energy poses downside risks to natural gas consumption in the power sector.

Under the Philippine Energy Plan 2022-2040, the government aims to expand the gas-fired power-generating capacity to 24.3 gigawatts in the reference scenario and to 18.9 GW in CES from the current capacity of 3.45 GW. Also, 10 proposed gas-fired power projects have yet to be approved. They have a total capacity of 8.8 GW.

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