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Ocean Thermal Energy Corporation Explores Deployment of OTEC Renewable Energy and Water in the Philippines; Conducts Meetings with Filipino Leaders
Ocean Thermal Energy Corporation Explores Deployment of OTEC Renewable Energy and Water in the Philippines; Conducts Meetings with Filipino Leaders.
About this update from Ocean Thermal Energy Corp.
[{"type":"text","content":"LANCASTER, PA / ACCESSWIRE / March 6, 2018 / Ocean Thermal Energy Corporation (OTCQB: CPWR) (\"OTE\" or the \"Company\"), a project developer for Ocean Thermal Energy Conversion (OTEC) renewable energy plants, announced today that it continues to attend meetings with Government Officials, Filipino business leaders, and the US Department of State to discuss plans for the deployment of OTEC technology in the Philippines.Introducing OTEC Technology to the PhilippinesIndependent research by the Saga University, Japan and Oceanographic Co., Norway show the potential for around 170,000 MW of clean renewable ocean energy in the Philippines. Ocean Thermal Energy Corporation plans to introduce its proprietary OTEC technology to this country. Initial meetings in New York and Manila with stakeholders have shown promise.Growth of Renewable Energy Sector Essential for National Energy SecurityThe government of the Philippines sees the growth of the renewable energy sector as essential for its national energy security. The Philippines' fossil fuel sector is unsustainable and dependent on importing nonrenewable fuel, including petroleum, but renewable energy has significant potential in the energy sector. A report generated by the U.S. Department of Energy shows that the Philippines has the highest electricity rate in Southeast Asia, followed by Japan. Transmitting power and transporting fuel throughout the Philippine archipelago is problematic due to very high cost.Executive Order Provides Incentive for Investment in Renewable EnergyThirty percent of the Philippines' energy is renewable already, and it aims to triple that renewable supply by 2030. In June 2017, the Government of the Philippines issued an executive order to reduce time and bureaucracy for permitting of renewable energy projects. Promotion and support of renewable energy in the Philippines, including OTEC, was intensified with the passing of the Renewable Energy Act of 2008, which made a feed-in-tariff and a renewable portfolio standard. This Executive Order will make it easier to build energy infrastructure in the Philippines by streamlining bureaucracy and removing time-consuming hurdles to investments.Jeremy Feakins, Chairman and CEO of Ocean Thermal Energy Corporation, states, \"We are excited about this development of a very positive and supportive investment environment fo...