By Lenie Lectura – April 17, 2019
from Business Mirror
Independent Electricity Market Operator of the Philippines (IEMOP), operator of the Wholesale Electricity Spot Market, held its first-ever Market Participants Update (MPU) since assuming WESM operations from Philippine Electricity Market Corp. in September last year.
The MPU is a stakeholders’ meeting meant to apprise participants on market outcome, system performance and recent developments as well as to create discourse on relevant policy and operational issues and concerns pervading the WESM.
The event takes IEMOP one step closer in implementing WESM in Mindanao.
WESM started commercial operations in the Luzon grid in June 2006 and in December 2010 in the Visayas grid, while the intricacies of the Mindanao power industry delayed the establishment of WESM Mindanao.
The Department of Energy (DOE) launched WESM in Mindanao in June 2017 although it has yet to became fully operational.
“MPU is highlighting the implementation of WESM in Mindanao to enable more participants to reap the benefits of a robust and competitive electricity market,” IEMOP said, adding stakeholder dialogue and effective feedback mechanisms will help promote market development and enhance customer experience.
“In 2019, we plan to continue these meaningful undertakings to make sure that our participants get more value out of their WESM membership. As operator of the WESM, IEMOP will be a liable service provider, ever ready to meet the needs and exceed expectations of our stakeholders,” IEMOP president Francis Saturnino Juan said.
The WESM is the country’s trading floor of electricity. It is a centralized venue for buyers and sellers to trade electricity as a commodity, where prices are based on actual use (demand) and availability (supply).