Beruflich Dokumente
Kultur Dokumente
IN THE
MATTER
OF
THE
ADOPTION .
OF
THE
AMENDMENTS TO RESOLUTION
NO. 10, SERIES OF 2012, A
RESOLUTION APPROVING 'THE
FEED-IN TARIFF (FIT) RATES, AS
NECESSITATED
BY THE NEW
INSTAllATION
TARGET
FOR
SOLAR ENERGY GENERATION
SET BY THE DEPARTMENT OF
ENERGY (DOE)
)(-
-----------------------
DECISION
following
parties
submitted
their
1.
2.
3.
4.
5.
6.
In the said public hearing, the Commission took note of all the
comments of the stakeholders, including that of the Foundation for
Economic Freedom (FEF), represented by Mr. Ernest Leung. FEF
manifested that the new FIT for solar energy should be lower
DISCUSSION
NREB Updated Market Information
NREB submitted the following updated market information1 for
consideration of the Commission in the determination of the new
solar FIT applicable:
a)
b)
c)
As of May 2014
Applicable FIT
(PhP/kWh)
Solar PV Projects
Completed as of March 15, 2015
Original
Parameters for
PhP9.68/kWh
Parameters for
the New Solar
FIT
US$2,406/kW
US$1,958/kW
US$1,954/kW
US$1,586/kW
22.0%
18.5%
$907,020
$762,070
Transmission Interconnection
Cost
$23,256/km
$30,444/km
Parameters
Equity IRR
Local Inflation Rate
Base Peso to US$ Exchange
Rate
Forward Peso to US$ Exchange
Rate
Base Local CPI
16.44%
13.870/0
4.0%
3.28%
PhP47.8125:US$1
PhP44.40:US$1
PhP43.00:US$1
PhP44.00:US$1
160.00
138.91
2.
The Commission,
after referring to available data and
independent reports of reputable Renewable Energy authorities,
adopted
a 22% capacity factor3 based on the following
considerations:
1.
2.
ERC Case No. 2011-006 RM, entitled "In the Matter of the Petition to Initiate Rule-Making for
the Adoption of the Feed-In Tariff for Electricity Generated from Biomass, Ocean, Run-of-River
Hydropower, Solar and Wind Energy Resources"
ERC Case No. 2011-006 RM, Decision dated July 27, 2012
Generation Company Management Report (GCMR) for 2010 and 2011 submitted by CEPALCO
as part of its annual reportorial requirements under the terms and conditions of its Certificate of
Compliance (COC)
3.
4.
Comparative analysis of the insolation7 levels of AsiaPacific as well as European countries based on the NASA
- Surface Meteorology and Solar Energy Data Set
expressed in kilowatt-hours per square meter per day
(kWh/m2/day) disclosed that Philippines has a relatively
high insolation level compared to European countries8
upon which the sixteen percent (16%) proposed capacity
factor was benchmarked.
NREL is the national laboratory of the United States Department of Energy (USDOE), Office of
Energy Efficiency and Renewable Energy. www.nrel.gov
Insolation is a measure of solar radiation energy received on a given surface area in a given
time. It is commonly expressed as average irradiance in watts per square meter (W/m2) or
kilowatt-hours per square meter per day (kWh/m2/day).
Areas
Annual
Average
Irradiance
(kWh/m2)
Initial
PR (%)
Plant
Energy
Yield
(MWhNear)
Year 1
Average
DCCF,
Years 120
Average
ACCF,
Years 1-20
1,799.3
79.9%
1,433
15.4%
17.8%
2,066.5
79.3%
1,634
17.6%
20.4%
1,899.2
79.1%
1,498
16.1%
18.7%
1,655.5
79.6%
1,314
14.1%
16.4%
Mindanao 1* - EI Salvador
City, Misamis Oriental
1,991.8
79.0%
1,569
16.9%
19.5%
1,862.1
79.5%
1,476
15.9%
18.4%
16.0%
18.5%
Average
*PAG-ASA Station
**Candidate PV Plant location
FIG;lm~ 2.5: GLOBAL lYPlCAtll\'STAtUO COSi, Cll,PACITV fACTO!? .AND lCOEI'lAI~~S WITH W~IGHTE:D AVERAGES FOP. luntl1Y'SCAlE SOlAR' PflOTOVOlTAIC Afo,'O OJ4SKOir: Vltrro PROJEC1S,201 0 ANO 2014
'Capacity t:actor
2014 USDjl<W
:s
g
"C.:E
!at;
8000
~'.:::!
0.c::.
~o
(flo.
:
1
I
I
0.5
I
I
I
I
I
I
I
,
I
6000
03
004
2000
.1
,I
0.3
" ~i
u-
I
J
4000
I
I
1
'n
0.2
~lll_~
':,"
U IT TI
n
I
.LJ.
II
0.1
0.0
-'-'
0.2
11
0.1
.1
J
1
I
1
,
I
I
I
I
IlJ
11
TI
.1
0.0
2014
2014
IRENA Report, entitled "Renewable Power Generation Cost in 2014" published in January 2015
Year
1018%
11
Maximum
2012
15%
29%
2013
12%
180/0
2014
7%
22%
to 22%
Around 40% growth in cumulative installed capacity in each of 2012 and 2013
Year
Percentage
Decrease in Module
Price
PV
Modules
Incidental
Cost
Total
Share of
Module to
Total EPC
Cost
Effective
Decrease
in EPC
Cost
0/0
2013
18%
30/0
21 %
48%
10%
2014
22%
30/0
25%
39%
100/0
NREB
ERC
Difference
EPC Cost
US$1,906/kW
US$1,586/kW
US$320/kW
Total Plant
Installed Cost
US$2,343/kW
US$1,958/kW
US$385/kW
Particulars
FIGURE
5.9: 'EstiMATED
A~AGs.2009
2014USDMI
OF OOUNmv
TO
.2014
. -'""
...-
..
-.
1
2
____~_~
2009
2010
I
20ll
2012
2013
...
__ .
"_
._m
:1
2014
12
IRENA Report, entitled "Renewable Power Generation Cost in 2014" published in January 2015
TECHNOLOGY
POWER GENERATION
Bio-power from solid
biomass (including
co-fidngand
organic
MSWJ
800-4,500
Co-fire: 2,0,0-80,0
4-20
Co-fire: 4.,0-1.2
Bio-power from
gasification
Planlsize: 1-40 MW
Conversion efficiency:3Q-40%
Cap=i:yfactor:
40-80%
2,050-5,500
6-24
Blo-;powerfram
anaerobic digestion
Biogas" 50,0-6.500
landfill eas: 1,90,0-2 ..200
8logas: 6-19
Lanolin gas: 4-6.5
Geotherma'i
Hydropower:
Grid-based
PlantsizEl: 1 MW-18.000+
MW
Piant .:Ype: resel'Voir, run-of-ri'ler
Capacity factor:30-GO%
Pr$cts
>2,0 MW: 2-12
Projects <20 MW: 3--'23
Hydropowe~
Off-grid/rural
1.175-6.000
5-4,0
Ocean power:
Tidal range.
5,290-5.870
21-28
SolarPV:
Roof~op
Peak capacity:
3-5 kW (residential);
100 WI (commercial);
500kW (industrial)
Capaclty factor: 10-25%
23-114 (OECO)
28-55 (non.OECO)
16-38 (Europe)
1,200-1.950
(typical global);Ds
much as 3.800 including Japan.
.Averages: 2.000 (United States);
1,710 (China); 1,450 (Germany);
1,510 (India)
32-38 (OECo)
9-40 (non-OECO)
14-34 (Europe)
Trough, no storage:
4,000-7,300
(OECO);
3,100-4.050
(non-OECOl
Trough. 6 hours storage:
7.1,0,0...9.800
Tower: 5.600 (United States,
without storage) 9,000 (United
states~v,i~hstore,gel
power
SolarPV:
Ground-rtlO\Jnled
trtif'rty-scale
Concentrating
solar
thermal power (CSPJ
Uixed,tiltl
~ ~
Wind:
Onshore
925-1,470
(China and ;India)
1.500-1.950
(elsewhere)
4-16(000)
4-16,(non-OCO)
W,ind:
Offshore
4.500-5,500
]5-23
Wind:
Small-scale.
Average 6,040
1,900 (China)
13
(United Stntes);
2013
2014
PV Module
48%
390/0
Balance of System
52%
100%
61%)
Component
Total
100%
14
http://www .greenteeh med ia.eom/articles/read/Solar -Bala nee-of -System-Aeeou nts- for -58-of -PVSystem-Prieing-New-GTM-Report
.$9.00
$$.00
$7.00
~
~ .$5100
t::..
$
.~
Ss.oo
.
,8$4.00
'tl
,{EtS3.00
.""
:gS2.00
SLOO
$0.00
..
1Ii11ii111
o
.N
N
JMIl
0
N
cPVBOS
-
~
._AllOt
I -~
tom
--
--
--
--
Price
Particulars
In PhP
In US$15
13,500,000.00
304,054.05
~OO,OOO.OO
18,018.02
5,040,000.00
113,513.51
15 kV Protection Equipment
6,455,000.00
145,382.88
2,470,000.00
55,630.63
93,854.00
2,113.83
527,000.00
11,869.37
4,950,000.00
111,486.49
33,835,854.00
762,068.78
Station
Service
Transformer
kV
Power
15
Termination Kit
and Metering
Distribution
Cable
and
15
at PhP44.40/US$
rf + Setae x MRP
Where:
Setae
=
=
=
MRP
re
rf
for
generation
benchmark
Particulars
Market Risk Premium
Multiply by Relevered beta
Equals
Plus Risk Free Rate
Cost of Equity
Values
10.13%
1.03
10.43
6.010/0
16.44%
From the 6.01 % risk free rate (rf), the Commission used an
updated risk free rate (rf) of 5.270/0,which was bench marked on the
daily average of Philippine Dealing System Treasury Fixing (PDST -F)
rates for the CY 2014 as published by Philippine Dealing Exchange
Rate (PDEx) in its official website (www.pdex.com.ph).
2014
POST -F (%)
January
February
March
April
5.3593
5.5389
5.3774
5.3887
May
5.2350
June
5.1903
July
5.2702
August
5.3604
September
5.3643
October
4.8929
November
5.1243
December
5.1609
Average
5.2719
Particulars
Values
8.600/0
1.0
8.60%
5.27%
Cost of Eq uity
13.87%
the
TAQLE
[--
1.1: ASSUMPTIONS
fOR THE CALCUlATION OF !'HE LMLISEO COST OF ElECTRiCITY NOT DERIVD fROM PROJECT IDATA
Wind power
25
Solar PV
25
'CSP
OECDandCh:na
7.5%
10%
25
Hydropower
30
iBlomassfor power
20
Geothermal
25
PhP43.00 to US$
of PhP44.00. The
since it is within the
rate of PhP42.00-
16
IRENA report entitled "Renewable Power Generation Cost in 2014" published in January 2015
17
Curr:ency Forecast
For.eeasts
lrastprice
'CulT.ll'ncy
~G-l.-o.-u~s-O-o'-II-aT'----' ------~
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lMar.1S
OG-fV.a.r-:lS
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Euro
EURU.SO
Japanc se yen
USOJPY120.8
L_ .._-"_____
LOS
BrW!oi1PoundGBPUSD
Jun~.lS
..'=-=~=~'~-=~-_=~
Sep.,1LS
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Mar.1G
0.98
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.....
1,02
0.99
1<1~
123
128
130
:1.32
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3..,04
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ALJDUSO
0.71
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0.71
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NeWZealand
NZDUSO
0.74
0..74
0.71
0.68
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canadian IDollla!"
llSDCAD
:1.2,6
1.25
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1....29
1.30
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[~A.Sia __
Chlne.S\!! lRenmlnibl
USDCNY
14ongKong
llSDt1t{O
ItldoncsianRupiah
'USO:IDR
Indian Rupee
U,SDl:/ltR
,6,28
,6.29
6.2G
--.
6.24
7.79
7.79
7 ..78
1l3,1.4S
13.182
.13,:142
'[;4.6
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64.9
1c,144
"1,1.49
1.,147
7.76
1.297G
G2
USDKIRW 10gS.S'!
Ko:reanWon
.._..._. __
Malaysian Ringgit
USOMY"R3.!GS
3.G9
:LG9
3.67
Phmp;pinePeso
USDP""P
44.09
'-'5 . 4
45.5
45.6
Singapore
USDSGO
:LElS
1.39
1..'10
Do'll:u'
Thai Baht
USI>TI'IS
:!l2.5S
33.4
33-S
Talw3.n OoUl'lr
USOnNO
31.44
32.4
32.S
69 ..2
70.1
69.S
12.?-2
.2.1.6
(MEuropc ~-._..-..'-_-.__-.-_._-_~___-_.-._-_-_.-. -;
Russian Rub'le:!
USORUiB
:SouthAfriean~and
t~
lat:~~_~
Brazflian Real
__
USOZAP.
~
._._.
USOBRI.
USOMXN
12.04
11..81
lL92
12.04
N.
3,06
3.10
::LOS
15.50
15.0
1'\.9
__ .
3.0'1
14.8
14.5
Particulars
Solar FIT
Existing Solar
FIT
Difference
PhP9.6800/kWh
PhP8.6900/kWh
PhPO.9900/kWh
18
19
Plan 2011-2016
IRENA
US DjkWh
Jl
C~
=H=
u
I
Stomass
HYdt(JSOlar
CSP
Photovoltaic
1'3 """tid'"
Elll1lt
:t--tcn::n Amarklti
tJ O';>~
iii
SlMlttl
"'mt1<feZ}
I'''...
sla
!!:""Ol>~
Wind
WinG
offSnor<i!'
,onsnore
TYPICAL CHARACTERISTICS
CAPITAL COSTS
USD I kW
800-4,500
Co. fire: 200-800
4-20
.2,050-5,500
6-24
'Biog3S: 500-6,500
landllllgzs: 1,900-2,200
Blogas:6-19
l.andfal p,as:4-6.5
Condensfngl1ash: 1,900-3800
CondensmgCzsl'.: 5-13
Binary: 2,250-5,500
Binary: 7-14
MW
Plant type: reservol; run-of. river
Capat:llyfaclor: 30.-60%
Plant slle: 0.1-1,000 WI
Plantlype: run.of.river,
POWER GENERAnON
371doraan!c
cepatl1yfaclof:
50-90%
"'~w
Co.(;re:4.o-12
MSW)
Bi().'power rrom
g<lsiflcatlon
Bi().power :from
3:laerllblc digestion
Cl!patl.l'yfaclor; 50-90%
" 'Geolhe~mal power
Hydropower:
Grid. b::sed
Hydropower:
Off-gTid/Mel
, Plantsize: i-IOO MW
Capaellyfaclor: 60-90%
PlJnl slle: 1 MW-18,000+
Projects 20-300
MW: 7S0-2.500
i,175-6,OOO
5-40
5,290-5,870
2i-28
I1Ydroldnellc. dillfnalsloragl!
,ocean pOIver:
MW
Capacilyfaclor. 23-29%
.Peak c",pacf.l':
3-5 ~N (residenlla\);
rKlalrange
:SolarPV:
Roollop
(United
100 kW (commerct;;l);
I)
SolarPV:
Groond-mounled
1l1~;:Y.scale
ERC
(PhP/kWh)
8.6900
2i-44 (OECD)
28-55 (non.OECDI
MW
j6-38
CommerclalO:lsls: 3,BO()(Uniled
Slates); 2,900-3,800 (Japan)
i,200-1.950Hyplccl11lobalJ; as
mOOt'!as 3,800 lnctucling Japan.
Averages: 2,OOO(Un,ledSla:esl;
i,710 (01:nill; 1,450 (Gt:ma!l'jl:
i,510 ftndia)
<Europei
12-38 (OECOl
9-40 (non.OECD)
14-34 (Europe)
REN21
7.5480
5.3280 to 16.8720
WHEREFORE,
the foregoing
premises considered,
Commission hereby sets the New Solar FIT at PhP8.6900/kWh.
the
SO ORDERED.
Pasig City, March 27, 2015.
~)t,C~
~
ENAIDA G. CRUZ-DUCUT
Chairperson
0&/
ALFREDO J. NON
Commissioner
JOSEFINA PATRI
Co
MJ~FAS/SOMlNJS/~CJ
O... :7if,.~(L,
GL~ICTORIA
tv-'
C. fAp-TARUC
Commissioner
AGPALE-ASIRIT
ioner
Copy Furnished:
1.
2.
3.
MERALCO
4.
PEMC
5.
SaCasol
6.
PSPA
7.
EDC
8.
VECO
9.
Astroenergy
10.
NV VOGT Philippines
11.
RASLAG Corp.
12.
SOLEQ
13.