An affiliate of Global Business Power (GBP) has been commended for its compliance to wholesale electricity spot market (WESM) rules.
In a statement, GBP said its subsidiary Panay Energy Development Corp. (PEDC) was recognized by Philippine Electricity Corp. (PEMC) as one of the generating companies with the lowest number of market rule breaches.
PEDC has a total gross capacity of 314 MW.
According to WESM rules, the scheduled generator is required primarily to follow the must-offer rule (MOR) and real-time dispatch (RTD) deviation.
Any violation of the rules would mean penalty fees.
“Through continuous compliance with WESM regulations, GBP helps encourage competition in the market as well as promote effective operation of transmission networks,” GBP President Jaime Azurin said.
GBP head commercial and strategy Philip Dasalla emphasized the importance of participants to consistently follow the WESM guidelines.
“Following WESM rules ensure that efficiency gains are maximized, as price signals pressure businesses to reduce costs, align process, and use their assets more effectively,” he said.
PEMC has been a governance body under the regulatory direction of the Department of Energy (DOE) and the Energy Regulatory Commission (ERC) since last year. Its tasked was to monitor if market participants are following the guidelines.
The WESM operations was given to the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) in accordance to the Electric Power Industry Reform Act (EPIRA), which is for the market to be managed by an independent market operator.
GBP operates 11 power generation facilities located in Cebu, Iloilo, Aklan, and Mindoro. In 2017, the company obtained a 50 percent stake in Mindanao-based Alsons Thermal Energy Corp.