Launch was on 26 Sept.
Secretary of the Department of Energy Carlos Jericho Petilla said, however, that full commercial operations of the Interim Mindanao Electricity Market (IMEM) first needs the approval of the offer cap by the DOE, the Philippine Electricity Market Corporation (PEMC) and the Energy Regulatory Commission (ERC). IMEM is a trading floor for electricity in Mindanao, and is similar to the Wholesale Electricity Spot Market (WESM).
It will be operated by PEMC, which is also the operator of WESM. DOE said the offer cap will influence the rates of electricity to be traded in the market. The cap should not be greater than any limit that may be agreed upon by the DOE, the ERC and PEMC.
The generation cost will be the basis of the offer cap. IMEM will be a day-ahead market. It is expected to pool an estimated 200 MW from all available capacities, including all generation capacities from embedded generators and voluntary load curtailment resources in the Mindanao grid.
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