Manila Standard Today reported that the Energy Department will tap the expertise of the World Bank to encourage investments in the renewable energy sector.

Mr Jose Rene Almendras energy secretary said that the department was trying to understand what the best way is for the implementation of the renewable portfolio standards and feed in tariff.

Renewable portfolio standards refer to a market based policy that requires electricity distributors to purchase an agreed portion of their supply from eligible renewable energy resources. FIT, meanwhile, refers to a renewable energy policy that offers guaranteed payments per kilowatt hour to each renewable energy source.

Mr Almendras said that "Fortunately for us, the Renewable Coalition has invited a very powerful resource person from the World Bank who has had experience on both implementation. I think we should invite her to sit with the National Renewable Energy Board and the Technical Working Group."

He added that "The idea is to really try to find the best possible way to encourage the investment into renewable energy that's needed without overdoing it by punishing the consumers. There's a good economic balance that's being looked for."

Mr Almendras conceded possible delays in the implementation of the feed in tariff due to the late reconstitution of the Renewable Energy Board.

(Sourced from www.manilastandardtoday.com)