President of Philippines meets with Vestas CEO

President of Philippines meets with Vestas CEO

President of Philippines Benigno Aquino III and Energy Secretary Jericho Petilla have met today with Vestas Wind Systems CEO Ditlev Engel. They have discussed country’s efforts to promote wind and other renewable energies. The President emphasized the multiple policies and other efforts the government is taking to diversify its current energy mix and encourage investment in renewable energies.

Following the meeting with President Aquino, Ditlev Engel said, “This meeting re-affirms President Aquino’s and the Philippine government’s strong commitment to wind and renewable energy. The Philippines is among the most advanced markets in the region in terms of implementing policies to promote wind energy.”

With the 2008 Renewable Energy Act to the 2012 renewable energy feed-in-tariff legislation, the Philippines has set ambitious goals to diversify its current energy base and invest in more renewables, particularly wind energy. Vestas is committed to working with its customers and the government to further enhance the country’s renewable energy policies and help it reach its goal of becoming the number one wind energy producer in the region by 2015.

While in the Philippines, Ditlev Engel also met with Vestas customers to discuss ongoing industry developments.  In connection with the visit, Ditlev Engel concludes, “Vestas is committed to helping the promising Philippine market to grow.  Our ambition is to become the market leader—here as well as in other emerging wind energy markets in Asia and around the world.”

Development of renewable energy sources in the Philippines is important because the nation is one of the fastest growing in Asia. Population in Philippines increased from 1990 to 2008 by approximately 28 million, a 45% growth in that time frame. As of 2011, the Philippines has become the world’s 12th most populous nation, with a population of over 94 million.

With growing economy and population, it is essential to be able to meet the increasing for electricity. The cost of transmitting power and transporting fuel to the more than 7,107 islands of the Philippine archipelago is quite high.

Philippines has the highest electricity prices in Asia (30.46 US cents/kWh as of March 1, 2010), followed by Japan. Under this circumstances the government has decided reduce country’s reliance on on imported fuels and tap its vast potential for renewable, locally produced energy.

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