RENEWABLE energy (RE) developers may enjoy another set of benefits as the Independent Electricity Market Operator of the Philippines (IEMOP) eyes full commercial operations of the RE Market (REM) next month.
The interim commercial operations started in 2022.
REM is the venue for the trading of RE 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 (DUs) must source an agreed portion of their energy supply from eligible RE suppliers to contribute to the growth of the RE sector.
DUs may opt to buy RE certificates to comply with RPS quotas if contracting power supply from generators is not available.
“The RE Market covers the entire system. It is a market that facilitates the compliance of mandated participants… They are the electric cooperatives, distribution utilities, retail suppliers, to source percentage of their electricity sales from RE and the instrument to measure that is RE certificate. So, it will be across the three grids and the trading will be across the three grids as well,” Arjon Valencia, IEMOP corporate planning and communications manager, told reporters in a briefing this week.
