BusinessWorld
May 28, 2021 | 5:48 pm
The revised rates will cover the period of Jan. 1, 2018 to Dec. 31, 2019.
The ruling dated Nov. 23 detailed the regulator’s computations of the FiT 2, taking into consideration technical, operating, economic and tax assumptions, among others.
The FiT is a fixed subsidy paid by the government to RE developers to partially offset the risks in taking on new technology. The tariff comes from the FiT-Allowance, a uniform charge billed to on-grid customers. The collections are remitted to the National Transmissions Company, which will then distribute it to developers participating in the FiT system.
The decision, which was signed by ERC Chairperson and Chief Executive Officer Agnes VST Devanadera and four commissioners, comes as a response to the National Renewable Energy Board’s (NREB) proposal for a modified FiT rate for ROR hydro at P5.8705/kWh. The NREB also asked to retain the digressed FiT for biomass projects at P6.596/kWh.