RESEARCHERS at the Societe Generale SA, Bank of America Corp. and Goldman Sachs Group Inc. all see the US benchmark crude price hitting below $40 a barrel. Oil prices have plummeted by more than half since hitting a high of $106 a barrel last June. But the fact that they are–for now–falling should not ruin the momentum the government has gained the past couple of years in pursuing renewable energy projects. Indeed, if lower oil prices can spur economic growth, this should even lead to more developers of renewable energy projects–and the government must be ready to make the corresponding policy adjustments to accommodate them. This the government can do by quickly awarding service contracts and incentives, particularly under the first-come-first-served approach in the feed-in tariff system to fully qualified developers and renewable energy projects, and also increasing FIT allocations when necessary. The FIT is the government program where renewable energy companies are given incentives. Under the FIT system, renewable energy companies are entitled to the following rates: P9.68 per kwh for solar power, P8.53 per kwh for wind, and P5.90 per kwh for run-of-river hydroelectric power. Last year saw the Department of Energy commissioning pioneering renewable energy projects like… Read full this story
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