Ocean energy fails to make waves

The Philippines, in spite of being highly-regarded as a country with huge potential to harness ocean power given its archipelagic structure and massive untapped ocean resource, has yet to harness and enjoy power from ocean energy. Much of this can be attributed to the lack of available incentives for developers along with the high upfront cost of the technology, officials from the Department of Energy (DOE) told Business Insight. DOE’s Renewable Energy Management Bureau assistant director Marissa Cerezo said one of the reasons stopping ocean energy from swimming to its full potential is its exclusion from the feed-in-tariff (FIT) scheme. “One major factor is because the FIT (for ocean...