The Energy Department vowed to install an independent market operator for the wholesale electricity spot market, the country’s trading floor of electricity, by June.
“By February… there will be already be a president of PEMC (Philippine Electricity Market Corp.) and by June 2018, the IMO (independent market operator) is in place,” Energy Secretary Alfonso Cusi said.
The Electric Power Industry Reform Act of 2001 mandates the transfer of WESM’s operations to an independent entity after the electricity spot market was established. WESM started operations in Luzon in 2006.
PEMC currently operates the WESM but has not yet transitioned into an IMO.
“I had a meeting with my transition team and we have agreed on the timeline. We have agreed the way to implement it. The articles of incorporation (is completed),what is lacking is who are the people that we are going to make incorporators,” Cusi said.