Electricity bourse ready to operate in the Visayas Region

The Philippine Electricity Market Board, the governing body of the Wholesale Electricity Spot Market, in a meeting held Friday in Cebu City, has certified the technical readiness of the electricity bourse to begin commercial operations in the Visayas Region.

The endorsement will be transmitted to the Department of Energy and the market launch is expected shortly.

Executive Vice President Mario Pangilinan of PEMC said they have achieved technical readiness, and only need DoE advice for the launching.

The generators in the Visayas have all signed up for participation in the market.  However, on the buyer side, there is a lack of direct participation due to recurring issues on the existing power contracts,” PEMC president Lasse Holopainen said.

Once the WESM begins in the Visayas, all energy will be traded through the market management system, which should lead to more efficient use of capacity as well as giving the appropriate investment signals for more power generation capacity at the right time.*RG

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