Interim RE market launched

The Philippine Electricity Market Corp. (PEMC) announced the successful launch of the interim commercial operations (ICOP) of the Renewable Energy Market (REM).

“The REM will incentivize the harnessing of our wealth of natural resources, bringing in additional, more sustainable sources of electricity. We welcome this diversification that will safeguard our energy supply security,” said PEMC president Leonido J. Pulido III.

The REM interim commercial operations are set to commence on August 26.

PEMC is the entity designated to perform the RE registrar (RER) functions which shall establish a renewable energy registrar and issue, keep, and verify RE certificates corresponding to energy generated from eligible RE facilities as mandated under Section 8 of the RE Act.

The certificates will be used for compliance with the Renewable Portfolio Standards.

This market-based policy mandates electricity suppliers to source an agreed portion of their energy supply from eligible RE resources contributing to the growth of the RE industry in the country.

The REM is a venue for buying and selling Renewable Energy Certificates (REC), a market-based instrument representing the property rights and other non-power attributes of renewable electricity generation.

Once registered, REM participants are granted access to the Philippine Renewable Energy Market System, which performs the major market processes such as registration, REC calculation, issuance, and transfer; and reportorial requirements to the DOE on RPS compliances of the mandated participants.