The former operator was required to sell itself of this function in favour of an independent entity.
The Independent Electricity Market Operator of the Philippines (IEMOP) has started running the Philippines’ electricity market after receiving all the functions, assets, and liabilities of the Philippine Electricity Market Corporation (PEMC).
According to an announcement, IEMOP is poised to take over the market operations of the Wholesale Electricity Spot Market (WESM), a function that is currently performed by PEMC. The law requires PEMC to sell itself of this function in favour of a separate entity that is independent of the market participants.
On 6 February 2018, the market participants and energy secretary Alfonso Cusi approved the transition plan calling for the formation of an independent market operator and the transfer of the market operation functions to it.
“Implementing the plan, IEMOP, a non-stock, non-profit corporation, led by a Board of Directors, all of whom are independents and do not have any interest or connection to the WESM participants, was incorporated and organized,” PEMC added.
IEMOP will also manage the registration of market participants, receive generation offers, come out with market prices and dispatch schedules of the generation plants, and handle billing, settlement, and collections. PEMC will remain as governing body for WESM to monitor compliance by the market participants with the market rules.
Do you know more about this story? Contact us anonymously through this link.