First Gen Corp. is optimistic government will implement the Renewable Energy Market (REM) before the end of the year for other recently implemented RE-focused policies to be fully functional.
“We have yet to see actual certificates to be issued because (in) the absence of the RE market and without this market, RE developers with excess RE certificates and mandated entities that actually require extra certificates will not have a platform or mechanism to do the trading… (E)ven non-mandated entities such as industrial customers …interest(ed) in the use of RE certificates would have no platform to access this,” said Gian Canales Gutierrez, First Gen manager for power economics, at the Greening the Banks virtual dialogue yesterday.
The REM is the venue for the trading of Renewable Energy Certificates equivalent to an amount of power generated from RE resources that are intended as a facility for participants to comply with their Renewable Portfolio Standards (RPS) obligations. Under the RPS, distribution utilities are mandated to source an agreed portion of their energy supply from eligible RE suppliers to contribute to the growth of the industry in the country.
Gutierrez said they are hopeful the REM could be operational before the year ends and before the first contract under the Green Energy Auction Program starts delivering by next year.
