The Philippines’ reliance on local natural gas output is coming to an end owing to the expected depletion of the Malampaya gas field by 2024, Fitch Solutions said. | jordeenelagare /PDI
“The potential upside to Philippines’ LNG imports could be hampered by its significant exposure to spot prices as none of the power producers has secured term supply agreements,” it added.
The report noted there has not been a strong policy push to promote the use of gas use in the country. “The Philippines’ renewables industry remains a bright spot for investment given the favorable regulatory environment for private and foreign investment, including cost-reflective electricity tariffs,” it said.The Philippine energy plan of 2020 to 2040 seeks to expand the capacity of gas-fired power plants to 24.3 gigawatts in the reference scenario and lower its share to 18.9 GW in the clean energy scenario .
Citing government data, it said gas consumption averaged 3.5 billion cubic feet to 4.4 bcf from 2010 to 2021, with the power sector accounting for more than 90 percent of the total consumption.
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