Renewable energy to grow 11.2% a year

Published onJune 6, 2019

Power generation capacity in the Philippines based on renewable sources other than hydro is expected to see a double-digit annual growth over the next 12 years, driven by the continued growth in the economy and the population. In a market outlook report focused on the Philippines, analytics firm GlobalData said installed capacity was cued for an 11.2-percent compound annual growth rate (CAGR) from 2019 to 2030. The London-based firm said investments in renewables were being driven by rising electricity consumption, which is expected at 6.5 percent CAGR to reach 173,000 gigawatt-hours in 2030 from 81,7000 gWh in 2018. “Growing population is driving electricity consumption in the Philippines,” said Harshavardhan Reddy Nagatham, power industry analyst at GlobalData. “As a result, new investment in capacity addition is urgently needed.”