by Lenie Lectura, 02 March 2015
from BusinessMirror
THE Philippine Electricity Market Corp. (PEMC) asked the Energy Regulatory Commission (ERC) to approve its proposed budget of P896.41 million for 2015, but was told to implement last year’s budget, while its application is being assessed.
“Given that the calendar year [CY] 2015 has already started, the commission deems it necessary for PEMC to be guided as what Market Transaction Fee [MTF] it shall implement. Thus, pending the final evaluation of this case, the commission hereby authorizes PEMC to implement the approved MTF for CY 2014,” ERC said in its five-page decision.
PEMC’s approved MTF for 2014 stood at P702,984,728.
This year PEMC’s proposed budget is P896.410 million.
PEMC is the operator of the Wholesale Electricity Spot Market (WESM). In its application, PEMC said the estimated market fee (MF) rate is P0.0137 per kilowatt-hour for CY 2015. The indicative MF rate is based on the Luzon and Visayas forecast of 65,464 gigawatt hours for CY 2015.
PEMC’s proposed market enhancement projects are intended f or improving the performance of its core functions.
This will allow it to evaluate and implement market rules and regulatory changes, it said.
Of the proposed amount, PEMC wants to allot P415.846 million for personnel services; P333.264 million for maintenance and other operating expenses; P129.724 million for capital expenditure; and P17.577 million as provision for the Department of Energy/ERC monitoring facilities.
The WESM will soon be led by the private sector via the appointment of an independent market operator before the end of the Aquino administration.
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