The Department of Energy (DOE) has inaugurated the Philippine Renewable Energy Market Systems (PREMS) at the Shangri-La at the Fort Hotel on December 17.
Present during the launching is DOE Undersecretary Felix William B. Fuentebella, in which he also cited the department’s Development for Renewable Energy Applications Market Mainstreaming and Sustainability (DREAMS) Project.
Fuentebella noted that DREAMS’s aim is “to reduce GHG emissions through the promotion and commercialization of renewable energy.”
“How we will do that? Well we do that through our policies, strengthening institutions, and through the creations of markets,” Fuentebella said.
Head Corporate Planning and Communications of Philippine Electricity Market Corporation Clares Loren Jalocon said that the establishment of the renewable energy market further incentivizes investments to RE projects, to issuing RE certificates corresponding to the eligible RE facilities.
“The establishment of REM further incentivizes investments to RE projects, to issuing RE certificates corresponding to the eligible RE facilities.”
PREMS was intended to be implemented by January this year, but it faced delays due to failed bidding.
The development of the renewable energy market system is a partnership among the United Nations Development Program (UNDP), the Department of Energy (DOE) and the Global Environment Facility (GEF) called Development for Renewable Energy Applications Mainstreaming and Market Sustainability (DREAMS) Project.
Under this system, trading of renewable energy certificates (RECs) can take place under the Renewable Portfolio Standards (RPS) and green energy option program (GEOP).
RPS requires distribution utilities to source a portion of their energy requirements from eligible renewable energy producers.
Meanwhile, GEOP shall provide the end-user the choice to opt for RE sources as their source of energy.
The market system is available for both on-grid and off-grid interested participants.