Independent Electricity Market Operator of the Philippines, operator of the Wholesale Electricity Spot Market, is laying the groundwork for the eventual operations of the Mindanao electricity spot market this year.
IEMOP recently conducted its first-ever Market Participants Update since assuming WESM operations from Philippine Electricity Market Corp. in September last year.
IEMOP during the market participants’ meeting stressed the imminent implementation of WESM in Mindanao to enable more participants to reap the benefits of a robust and competitive electricity market.
The WESM is the country trading floor of electricity. It is a centralized venue for buyers and sellers to trade electricity as a commodity, where prices are based on actual use (demand) and availability (supply).
IEMOP also underscored the importance of promoting market development and enhancing customer experience through open and continuous stakeholder dialogue and effective feedback mechanisms.
“In 2019, we plan to continue these meaningful undertakings to make sure that our participants get more value out of their WESM membership. As operator of the WESM, IEMOP will be a liable service provider, ever ready to meet the needs and exceed expectations of our stakeholders,” IEMOP president Francis Saturnino Juan said.
The MPU is a stakeholders’ meeting that has been organized by the market operator to apprise participants on market outcome, system performance and recent developments, as well as to create discourse on relevant policy and operational issues and concerns pervading the WESM.
PEMC, for its part, is presently is conducting market readiness assessment for the implementation of the enhanced WESM design and operations in Luzon and Visayas and WESM in Mindanao.
The PEMC audit committee will conduct the assessment and has engaged Sapere Research Group Ltd. to help in the activity. PEMC monitors the compliance by the market participants with the WESM market rules.