The Philippine Electricity Market Corp. (PEMC) has secured the Department of Energy’s (DOE) final approval of the WESM Industry Code of Ethics (WICOE) that is expected to strengthen the market’s self-governance feature.
Oscar Ala, PEMC president, said the WICOE will set “basic tenets on values and ethical standards that everyone in the power bourse should aspire (for).”
Ala said the policy is also expected to supplement the provisions in existing rules and manuals.
He said its implementation is not limited to members, participants and governance committees of the Wholesale Electricity Spot Market (WESM) but also applies to the Philippine Electricity Market Board and the Independent Electricity Market Operator of the Philippines.
Under WICOE, involved parties are expected to be transparent and competitive in all dealings. It assures fair competition and level playing field; accountability and discipline; disclosure of relevant information; and participation to periodic audits, among others.
“The WICOE’s intention is to bring everyone together towards a WESM with a level playing field and players and stakeholders that have a strong sense of integrity, honesty, and accountability for all of their actions and transactions within the power bourse,” said Francis Mapile, PEM chairperson of the Market Surveillance Committee. – Jed Macapagal
