Foreign investors keen on renewable energy

MANILA, Philippines - Foreign investors are exploring development of renewable energy sources in the country, Philippine National Oil Co. (PNOC) said. PNOC president Antonio M. Cailao said the state-run company hopes to conclude a solar power project with a German power firm. A US-based firm is mulling to tie up with PNOC for a hydropower plant project while a Korean firm is on a lookout for a windpower project. Power firms from Singapore and Thailand are also looking at potential renewable energy projects. “PNOC is now focused on the development of renewable energy sources," he said. PNOC administers and monitors the country’s oil and power supply. Its renewable arm PNOC Renewables Corp. (PNOCRC) and the Constellation Energy Corp. (CEC) agreed to share industry expertise and use each other’s management, financial, and technical resources since the two have extensive renewable energy expertise and renewable energy property leases. Cailao said PNOCRC s the vehicle for PNOC to engage in renewable energy projects such as solar, hydro, wind, and reenter geothermal. Meanwhile, environmental group Greenpeace criticized Energy secretary Angelo T. Reyes’ pronouncement on the revival of the Bataan Nuclear Power Plant. Greenpeace Southeast Asia Climate Campaigner Amalie Obusan said Reyes should take a clear stance on the issue of nuclear energy. “Switching to nuclear power will only increase the Philippines' dependence on foreign technology and fuel. Greenpeace firmly restates that renewable energy and energy efficiency technologies are the genuine solutions to energy security. Our government leaders should focus its resources on renewable energy, instead of continuously issuing pointless statements," Obusan said. Obusan said nuclear power is neither a safe nor cheap alternative to fossil fuels, even in countries where the resources and infrastructure are already in place. For one, Japan has yet to resume full operation of the world’s largest nuclear power complex Kashiwazaki-Kariwa nuclear power plant after a 2007 earthquake forced a shutdown. “As this case clearly shows, nuclear power cannot guarantee security of supply. Furthermore, nuclear power plants are very costly to build. Nuclear power plant projects have notorious records when it comes to construction delays, more the rule than the exception, causing tremendous budget overruns," she said.-GMANews.TV