In a report by Philippine Star, ERC chairman and CEO Monalisa Dimalanta said the commission had been considering it, seeing as the reactivation is always dependent on the billing cycle, which runs from the 26th of one month to the 25th of the next.
Dimalanta added that after the ERC makes its final ruling, power reserve trade will resume on July 26.
In March, the ERC suspended the billing and settlement in the reserve market just two months shy of its full commercialization, in response to a pronounced rise in reserve costs compared to February.
However, reopening the reserve market isn’t as smooth as it seems, as ERC chairwoman said that there are still issues about the methodology that the commission would need to look into, along with conducting a public consultation for the offer floor and the price cap for the reserve market.
Dimalanta added that if there are no major challenges with the price cap, then the reserve market can resume its activities.
To enable power generators to recoup a portion of the expenses for trading transactions made during the March billing month, the ERC temporarily eased the suspension on settlement amounts in the reserve market in May.
In order to guarantee the continued operation of power generators that provide reserves in the system, it was decided to enable the settlement of 30% of the transaction amounts.
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