Commodity Market Report
Philippines power market report 2025 (SEAGAPS)
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Report summary
Key report themes: • Average end-user tariffs declined from US$166/MWh in 2023 to US$160/MWh in 2024 as coal price dropped amid global oversupply and weakening demand from major economies. • In the latest PEP 2023-2050, the government has raised its 2040 renewable generation target to 55%, up from 50% in the previous plan. However, Wood Mackenzie forecasts renewables will account for only 42% of total generation by 2040, falling short of the target. • The Philippines is the fourth smallest power market in Asia Pacific with a power demand of 123 TWh and peak demand of 19 GW in 2024. • The Philippines will need US$43 billion in power generation investments from 2025 to 2034, with 65% for renewables and storage, and 35% for fossil fuels. • The Philippines power sector emissions will peak at 87 MtCO2 in 2029, rising from 77 MtCO2 in 2024, making it as the third fastest Southeast Asian country to reach peak emission.
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- Key findings
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