Philippines on the Energy Hunt

Bidding was opened in the Philippines on Wednesday to explore and develop 10 geothermal fields that could yield an estimated 300 to 470 megawatts of power.

The cash-strapped country forecasts $25 billion must be invested over the next decade to meet rising demand for energy products and electricity.

At least six firms have expressed heightened interest in submitting bids, but their identity is unknown.