PNoy: Power shortage intervention not meant to distort market - InterAksyon

InterAksyon.com

The online news portal of TV5

MANILA - President Aquino assured the public on Tuesday that the government's request for authority to contract additional electricity generating capacity is not meant to distort the market.

"I am aware that investors in the energy sector are worried about these measures distorting the market, but let me assure you: Government intervention is meant only to address the shortage," Aquino said in his speech during the Energy Smart Philippines 2014 forum on Tuesday.

"The sole onjective of this initiative is to make sure our economy does not lose its momentum in the event of an energy shortage," he added.

Aquino noted that some sectors project that the potential 300 megawatt energy shortfall in 2015 could reach up to 1,000 megawatts.

"Such a situation necessitates steps to ensure energy supply if a shortfall does arise, which is why we have asked Congress for a joint resolution authorizing the national government to contract additional generating capacity," the President said.

Aquino also reiterated his administration's commitment to exploring and investing in clean and renewable energy sources.

"We remain committed to the National Renewable Energy Program, which aims to add 9,931 megawatts of renewable energy-based capacity by 2030, and we are making early strides," he said.

"We are looking to incentivize the entry of around 450 more megawatts of solar power, with the Department of Energy endorsing to the Energy Regulatory Commission the expansion of the installation target for solar power under the Feed-in-Tariff System," the President added.

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