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Energy Report Philippines

  • ID: 2766732
  • Report
  • Region: Philippines
  • 17 Pages
  • The Economist Intelligence Unit
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Driven by strong domestic economic and population growth, consumption of energy is increasing rapidly, set to reach 70,466 kilotonnes of oil equivalent (ktoe) in 2023 and 83,188 ktoe in 2029, from 62,329 ktoe in 2019. The country has steadily reduced its dependence on imported oil since the mid-1990s, when the fuel accounted for half of its energy consumption. However, oil remains the main source of energy, having accounted for a third of energy use in 2018. We expect coal to take over as the main energy source during the forecast period (2020-29).

In view of the approaching depletion of the Malampaya gasfield, the Philippines will struggle to reduce its dependence on imported energy. Fossil fuels will remain the leading source of energy, but the country will also continue to exploit alternative energy sources.

The power grid of Luzon, the Philippines' main island, suffered a series of widespread blackouts in March and April 2019. This intensified pressure on the government to respond with a new policy that will not pass on higher rates to consumers, due to power outages. The blackouts highlighted the country's thin power reserves and, consequently, the urgent need to develop indigenous energy resources to meet growing demand.

Industry List: Coal, Energy, Electricity, Energy, Energy, Energy, Energy policy, Energy, Nuclear, Energy, Oil and gas, Energy, Renewables, Energy, Risk and return
Industry Codes (NAIC): 22;22;336
Industry Codes (SIC): 37;49;49
Note: Product cover images may vary from those shown
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Energy Report Philippines

Energy report: Overview

Energy report: Energy policy

Energy report: Oil and gas

Energy report: Electricity

Energy report: Coal

Energy report: Nuclear

Energy report: Renewable energy

Energy report: Risk and return
Note: Product cover images may vary from those shown
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