In the wake of the Russia-Ukraine conflict that resulted in a huge spike in coal and fuel prices in the world market, the Marcos administration was able to carry out reforms in the energy sector aimed at ensuring the stability of the country’s power supply.
Executive Order No. 21 directs the DOE to publish the policy and administrative framework for the efficient and optimal development of OSW resources in the country within 60 days from its issuance on April 19, 2023. BlueFloat has a total portfolio of offshore wind projects worth 32.4 gigawatts of planned capacity in ten countries across the globe, including Spain, France, Italy, Scotland, Australia, New Zealand, Taiwan, Colombia, Portugal, and the Philippines. The proposed Philippine projects collectively represent the largest single county planned initiative of BlueFloat at 7.6 GW.
“All these concerns were taken into consideration. Those concerns need to be balanced because it involves a 20-year contract and consumers will be paying for these rates. Aboitiz Power Corp. also agreed that the GEA program is a considerable push to tap and maximize indigenous renewable energy sources within Philippine shores.