By Pilar Manuel, CNN Philippines
The Philippines is among the countries seen as "outperforming" in the geothermal power sector, according to Fitch Solutions.
"The Philippines has one of the world's highest levels of installed geothermal capacity as well as it making up a large share of its total renewables output," said the Fitch unit, estimating the country's annual capacity to average more than 60% over the next 10 years.
Fitch Solutions defines outperformers as geothermal power markets with a "significant" capacity base installed and/or are seen to post "substantial" growth in their capacity over the forecast period.
From 1,928 mega-watts (MW) last year, the US think tank expects the country to have a total installed capacity of 2,145 MW come 2031. It likewise expects yearly growth to average 1.1% from 2022 to 2032.
