The main focus in shifting to renewable energy should be ensuring its dependability and cost-effectiveness, according to the finance officer of Aboitiz Power Corp. (AboitizPower). They also emphasized the need for a modernized electricity transmission system to encourage investments.
Liza Luv T. Montelibano, Senior Vice-President and Chief Finance Officer of AboitizPower, stated in a press release that the most feasible way to transition is determined by the current technology, which offers a dependable and economical means to do so. Based on what is currently accessible, we believe that a practical and gradual approach is the most realistic in terms of facilitating technology advancement.
“If our goal is to accelerate the transition, a significant amount of support should be dedicated to the advancement of technology. Once it becomes financially feasible, I believe the remaining pieces will fall into place,” she stated.
According to Ms. Montelibano, as the nation transitions to renewable energy, liquefied natural gas can be used as a temporary fuel to gradually replace coal in the immediate future.
She stated that current capabilities serve as a means of buying time to maintain the stability of the grid, in order for renewable and low-carbon technologies to advance.
Ms. Montelibano emphasized the importance of developing the energy transmission sector, stating that transitions cannot occur without proper transmission.
“The industry has been struggling with delayed transmission projects for an extended period of time. Our past has been marked by unutilized capacities due to lengthy development cycles for transmission infrastructure,” she stated.
She suggested that the nation’s power grid needs to be improved in order to accommodate a greater amount of renewable energy sources without jeopardizing the overall stability of the power system.
AboitizPower plans to expand its renewable energy assets over the next decade with the goal of reaching 4,600 megawatts by 2030.
AboitizPower’s next objective is to increase its megawatt capacity and achieve a 50:50 balance between thermal and renewable energy sources by the end of the decade. This goal is in line with the energy trilemma, which aims to address issues of security, fairness, and sustainability. According to Ms. Montelibano, this shift in portfolio mix is crucial for the company.