EPI and Shell back the Philippine Energy Plan
July 10, 2022
Investments Made in Other Countries Shell B.V. (Shell) announced that it has created a joint venture with Emerging Power Inc. in order to support the Department of Energy’s (DoE) most recent Philippine Energy Plan. This was done in order to help the Philippine Energy Plan (EPI).
The goal of the joint venture is to increase the power infrastructure of the country by one gigawatt (GW) through the use of renewable energy sources by the year 2028. It is also consistent with the Department of Energy’s goal, which is to increase the amount of power that comes from renewable sources to 35% of the total after a period of seven years.
It is predicted that its utility-scaled solar photovoltaic plants that are connected to the grid will generate at least one gigawatt. First, this will be put into action on Luzon and the Visayas; then, after that, research will be carried out on onshore wind energy systems and energy storage facilities.
Retail power supplier EPI and Shell will be tasked with the role of being the designated principal marketer and seller of the electricity that is generated as a result of this arrangement.
According to Lorelie Quiambao-Osial, Country Chairman of the Shell Companies in the Philippines, the partnership between EPI and Shell will take advantage of Shell’s technical know-how and integrated solutions as a global energy company. In addition, the partnership will take advantage of EPI’s strong presence in the Philippines.
“Accelerating the energy transition requires working with partners and building new collaborations,” she continued. “Both of these are essential.” Together, we have the power to move the Philippines toward economic growth by embracing renewable energy sources in our homes as well as our places of business.
Shell keeps a forty percent ownership in the self-operating joint venture as part of its most recent pledge to help the worldwide push to have a corporation with net-zero emissions by the year 2050 as part of its powering progress strategy.
Its global initiatives for the upcoming years include, among other things, the operation of more than 2.5 million electric vehicle (EV) charging stations, the manufacture of eight times as many low-carbon fuels, and the provision of enough renewable energy for the planet in more than 50 million homes. All of these things are being done in an effort to reach the goal.
