The Independent Electricity Market Operator of the Philippines (IEMOP) and the Philippine Electricity Market Corp. (PEMC) launched a series of roadshows and stakeholder discussions in preparation for the wholesale electricity spot market (WESM) operations in Mindanao next year.
“We have been looking forward to the participation of Mindanao in the WESM. Through these series of events in November and December designed to preparing the members for the power bourse, we expect to determine their level of readiness,” said PEMC president Oscar Ala.
IEMOP said the first leg of discussions held in Davao on Tuesday were attended by top management from distribution utilities followed by training roadshows to capacitate the electricity traders and settlement officers for day-to-day transactions in the region.
“We found this endeavor to be a perfect opportunity to launch our trading simulator which immerses the participants to the whole process of the WESM – from the trading to the billing and settlement. It also offers different market-based scenarios which may help participants obtain a better understanding of how the WESM works,” said IEMOP president Jose Mari Bigornia.
After Davao, the roadshows and discussions will be held in Cagayan de Oro and in Manila.
At present, 94 percent of the expected participants in Mindanao have already submitted their application for registration. Meanwhile, 90 out of 106 expected power facilities have yet to complete their requirements.
Upon the launch of WESM Mindanao, economic scheduling of power plants will be implemented in order to meet the demand requirements for any given time as it will be an alternative venue for generators and customers to buy or sell electricity.
To date, IEMOP said there are a total of 274 registered WESM participants in Luzon and Visayas composed of 126 generation companies, 17 distribution utilities, 71 electric cooperatives, 56 directly connected customers and 4 wholesale aggregators.
IEMOP was established in September 2018 as the independent electricity spot market operator. However, PEMC retained its role as the governing body of the WESM.