Aboitiz Power Corporation has disclosed that four of its subsidiaries have completed the full settlement of penalties billed by the Independent Electricity Market Operator of the Philippines (IEMOP). This follows earlier investigations by the Philippine Electricity Market Corporation (PEMC).

The settlements cover rule compliance issues related to the Must Offer Rule and Real-Time Dispatch instructions in the Wholesale Electricity Spot Market (WESM), with violations recorded across years 2013 to 2021.

According to AboitizPower, the subsidiaries involved are: AP Renewables, Inc. (APRI) – PHP400,000, Therma Luzon, Inc. (TLI) – PHP100,000, Therma Visayas, Inc. (TVI) – PHP100,000, East Asia Utilities Corp. (EAUC) – PHP100,000

The total settlement amount reached PHP700,000.

While the nature of the infractions was not detailed, the Must Offer Rule mandates market participants to offer all available capacity in the WESM to ensure reliable and competitive power supply. On the other hand, Real-Time Dispatch compliance refers to the requirement for generators to follow dispatch instructions issued by the market operator during actual operations.

AboitizPower confirmed that all penalties have now been resolved in accordance with regulatory requirements, thus closing out the compliance cases raised by PEMC in previous years.

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