The Philippines power market reached around 123.22 TWh in 2025. The market is projected to grow at a CAGR of 4.20% between 2026 and 2035 to reach nearly 185.93 TWh by 2035.
Base Year
Historical Period
Forecast Period
Under the Philippine Energy Plan, the government plans to add 11,070 MW of additional solar power generation capacity.
In 2022, over 1 million rural households did not have access to electricity in the Philippines.
In 2024, the Philippines’ DOE is anticipating an increase of 38.57 MW in geothermal energy production capacity in Luzon.
Compound Annual Growth Rate
4.2%
Value in TWh
2026-2035
*this image is indicative*
| Philippines Power Market Report Summary | Description | Value |
| Base Year | TWh | 2025 |
| Historical Period | TWh | 2019-2025 |
| Forecast Period | TWh | 2026-2035 |
| Market Size 2025 | TWh | 123.22 |
| Market Size 2035 | TWh | 185.93 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 4.20% |
| CAGR 2026-2035 - Market by Power | Renewable | 16.8% |
| 2025 Market Share by Power | Hydro | 7.7% |
By 2030, the installed power capacity in the Philippines is expected to reach 58.4MW due to the rising residential and industrial demand. By the same year, the demand for solar power is expected to witness the highest growth (600%) and reach 15.29 GW from merely 2.16 GW in 2020. Similarly, the demand for thermal power is expected to surge by 67% and reach 30.8GW by 2030. Presently, coal accounts for nearly 61.9% of the energy mix of the Philippines, which is expected to be gradually phased out as the government shifts its focus towards renewable energy sources. By 2030, the demand for renewable power is expected to surge by over 300% to reach 22.2 GW from 5.3 GW in 2020.
The National Total Electrification Scheme 2023-2032 aims to achieve 100% electrification of all the households in the Philippines by 2028 to foster economic prosperity and social progress while enhancing the quality of life for Filipinos and influencing income-generating activities for marginalised people. This is expected to increase the power demand substantially in the coming years.
The Philippines Department of Energy is anticipating a capacity addition of 3,309 MW in 2024 to meet the increasing demand for electricity. Battery energy storage systems are expected to account for 334 MW of this increase. Primarily, the electricity grid of Luzon is expected to witness a surge in the adoption of renewable energy technologies, due to growth in the capacity of solar (1,123.95 MW), wind (160 MW), and hydropower (44.32 MW).
Philippines Power Market Report and Forecast 2026-2035 offers a detailed analysis of the market based on the following segments:
Market Breakup by Generation Source
| CAGR 2026-2035 - Market by | Power |
| Renewable | 16.8% |
| Hydro | 2.3% |
| Thermal | XX% |
| Others | XX% |
Based on generation source, the market is segmented into thermal, hydro, and renewable, among others. Over the forecast period, renewable sources of energy are expected to grow at a CAGR of 16.8% during 2026-2035, due to the increasing government focus on minimising carbon emissions.
| 2025 Market Share by | Power |
| Hydro | 7.7% |
| Renewable | XX% |
| Thermal | XX% |
| Others | XX% |
By 2040, the Philippines is expected to attract PhP 31 trillion for transitioning to clean energy sources. By 2040, it aims to achieve 5% energy savings and 10% EV penetration, while raising the share of renewable power to 50% of its energy mix.
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The market reached nearly 123.22 TWh in 2025.
The market is projected to grow at a CAGR of 4.20% between 2026 and 2035.
The market is assessed to witness healthy growth in the forecast period to reach around 185.93 TWh in 2035.
The different sources of power generation in the market are thermal, hydro, and renewable, among others.
The key market players are SOLAR PHILIPPINES, Solaric Corp., Philergy Inc., GoSolar Philippines, Transnational Uyeno Solar Corporation, We Gen Energy Philippines, MERALCO, and Aboitiz Power Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Generation Source |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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