Dominican Republic seeks to strengthen its energy transition with new energy storage requirements

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Santo Domingo – The executive director of the National Energy Commission (CNE), Edward Veras, announced during Energyear Caribe 2024 that the CNE’s board of directors approved the modification of Resolution CNE-AD-0004-2023, which raises the storage requirements for renewable energy projects. The new regulation, officially issued after completing administrative steps, will require projects of more than 20 megawatts to include at least 50% battery storage capacity.

Veras stressed that energy storage is now a critical public policy, supported by President Luis Abinader, who considers this measure essential to ensure the success of the country’s energy transition. Likewise, the private sector’s response has been very positive. 80% of the concessions granted already include storage systems, demonstrating developers’ commitment to this regulation. “Storage is crucial to integrate more renewable energies efficiently and maintain the stability of the electricity system,” Veras said.

The director also highlighted that in 2023, the CNE granted unprecedented concessions for renewable projects, reflecting the growing interest in the sector and the confidence that local and international investors have placed in the Dominican market. “This record number of concessions not only increases generation capacity but also ensures the viability and security of the projects for investors,” he said. Veras attributed these achievements to the country’s political and economic stability, which has been vital in attracting investments and generating confidence in the energy market, especially in the spot market, which is considered a safe and attractive environment for developers. “Our spot market is a benchmark in the region, allowing projects to be financed without the need for PPA contracts, something unusual in other international markets,” he explained.

The official also highlighted the collaboration between the public and private sectors as essential factors in advancing the energy transition. “Government institutions are aligned and working in a coordinated manner to facilitate this transition,” he added.

Regarding the financial challenges, Veras pointed out that to reach the 30% renewable energy goal by 2030, at least US$5.4 billion in investments will be needed. To this end, he proposed creating a pool of energy projects to attract financing on a larger scale. In addition, he stressed the importance of maintaining a clear and efficient regulatory framework to continue generating confidence among investors.

“The challenge is financial, not technical. To meet our goals, we must mobilize the necessary capital, and this will only be possible with the collaboration of all the actors in the sector,” he said. Finally, Veras emphasized that energy planning has been essential to consolidate the Dominican Republic as a leader in the transition to renewable energies. “Our energy plan has given investors the necessary confidence to see the country as a safe destination for their projects, which has allowed us to move towards a cleaner and more efficient energy matrix,” he concluded.

The executive director of the CNE addressed these issues during the opening of the second day of Energyear Caribe in an #OnetoOne entitled “Continuing Energy Planning: New Challenges,” moderated by Catalina Barrera, editor-in-chief of Review Energy.

About Energyear Caribe 2024

Energyear Caribe is the regional summit event for the energy sector. It discusses challenges and opportunities in renewable energy, energy transition, and emerging technologies. Held on September 18 and 19 at the Hotel El Embajador, this year’s event consolidated its role as a key platform to foster collaboration between the public and private sectors, attracting investors, developers, and key players in the sustainable development of energy in the Caribbean and Latin America.

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