Manila billionaire Henry Sy Jr. pitches $11-billion 10,000MW 'powerbank' to cut electricity rates: Will EPIRA let him do it?
MANILA: Filipino tycoon Henry Sy Jr. is pitching a nationwide chain of battery energy storage systems to help ease high electricity costs over the long term. His idea: prepare the grid for a possible El Niño in 2027, through a relatively quick rollout of giant powerbanks. Speaking at a rare media chat on Thursday, Sy, who chairs the National Grid Corporation of the Philippines (NGCP)’s parent…
Manila tycoon Henry Sy Jr. has proposed a nationwide network of battery energy storage systems to combat high electricity rates. The plan, tied to NGCP's "Project Airbag," aims to install 10,000 MW of battery storage over five years, costing around $11 billion. This would be significantly cheaper than the controversial Bataan Nuclear Power Plant, which never came online and cost taxpayers $2.3 billion.
Sy Jr. argues that the batteries would help smooth out electricity supply during potential El Niño-induced power shortages and reduce the country's reliance on imported fuel. However, the proposal raises regulatory questions, as grid-scale batteries are currently classified as generation under Philippine law. Battery storage costs have fallen 93% in the past 15 years, making them a competitive alternative to gas peaker plants in many Asian markets.
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