Aside, from the Department of Energy has highlighted the challenges to closing the gap between Luzon’s power and the anticipated peak demand. The total power is to cover the peak demand plus a certain factor to secure electricity supply in case of an unexpected interruption in the operation of a power plant or a sudden increase in power demand.
In this case in Luzon is not much different in the other provinces and aside of peak demand in the country grows at an annual average of more than 4% and the stable power supply are seen as a major barrier to foreign direct investment in the Philippines, This means we have enough reserve for us to meet our demands of consumption, that’s why the world bank have identified as the sector that can have the most positive impact on job creation.
One of the such of private sector company that is making a positive contribution to the problem, this is a Leading international risk advisor and insurance broker , JLT its works with power plant developers and financier in the Philippines and all over the world, bringing energy projects to realization by ensuring projects and operational risk. The JLT is currently has operational power clients that make up more than 3,770MW of the on-grid installed capacity in the Philippines and is currently advising and insuring clients in the insurance of (8) power projects currently under development.
That those the importance of the power sector to the continued economic development of the Philippines, JLT with Merritt Partners, decided to host a first of its kind energy seminar to highlight common risk issues confronting power plant developers and operators, and to share best practice solutions. There are more than 100 confirmed attendees from all of the country major developers, investors, finance institutions and law firms.
The Department of Energy (DOE) secretary Jericho Petilla, giving an update on the power situation in the Philippines. Former DOE Secretary Vince Perez is also part of the program as the moderator for the roundtable discussion on “bankability’ of power plant projects. The conference is co-sponsored by Swiss Re Risk Solutions, along with JLT; bring a great deal of technical knowledge and power plant expertise to share with the seminar audience.
JLT is currently involves in 9 projects in the Philippines in Coal, Wind and Gas.
Trivia : did you know it takes 360 signatures to get approval to build a powerplant in the Philippines while it only takes 20 in Singapore?