MANILA, Philippines - President Aquino assured investors that the country has "sufficient" power supply but that government is still taking steps to address "the potential power supply gap in Luzon" in the summer months.
In his speech at the annual Euromoney Philippines Investment Forum, Aquino said that government is speeding up the rehabilitation of the Malaya Thermal Power Plant Unit 1 and has asked the National Grid Corporation of the Philippines to "dispatch" hydropower plants, to help "generate additional energy supply during peak hours."
An interruptible load program has also been initiated.
"Rest assured: we share your concern. Right now, the Philippines has a total dependable capacity of 15,665 MW, which is—or should be—sufficient to meet our highest projected demand level of 10,222 MW for 2015. But we cannot be content with this, especially with the potential power supply gap in Luzon this summer, due to the threat of El Niño and rehabilitation of the Malampaya gas field," he said.
"Government has been pursuing an entire menu of options to address this projected shortfall."
Aquino said that 4,693.6 megawatts of power will be available from "48 committed incoming power projects" between now and 2018.
In a bid to convince more investors, Aquino enumerated economic gains achieved under his administration and compared these to the previous administration.
He cited an "all-time high" in foreign direct investments the country received in 2014, the country's average GDP growth over the past three years, and its credit rating upgrades.