The Independent Electricity Operator of the Philippines (IEMOP), and the Philippine Electricity Market Corporation (PEMC) are preparing for the full commercial operations of the renewable energy (RE) market by December of this year.
In a report by Business World, the RE market, which facilitates the trading of Renewable Energy Certificates (RECs), is aimed at helping mandated participants meet their Renewable Portfolio Standards (RPS) obligations.
IEMOP’s manager for corporate planning and communications Arjon B. Valencia, confirmed that the market is on track to become fully operational by year-end.
The RE market, which launched interim operations in 2022, permitted distribution utilities (DUs), electric cooperatives (ECs), and retail electricity suppliers to purchase RECs.
These certificates represent one megawatt-hour (MWh) of power generated from renewable resources and are capped at Php 241 each. Participants are required to source at least 11% of their energy supply from eligible RE resources to comply with RPS.
The Department of Energy (DOE) is expected to issue a circular formalizing the full commercial launch of the RE market, with functions transitioning from the Philippine Electricity Market Corp. (PEMC) to IEMOP.
Valencia also highlighted the importance of the market in helping achieve the Philippines’ goal of raising the share of renewables in the energy mix to 35% by 2030, up from the current 22%.
