The Philippine Electricity Market Corp. (PEMC), the governance arm of the Wholesale Electricity Spot Market (WESM), plans to file an application with the Energy Regulatory Commission for approval of P241 million in supplemental market fees a four-year period.
PEMC said in a statement this is urgently needed to augment operations in the monitoring of the reserve market, which would require additional manpower and equipment.
It said PEMC’s share in the approved annual market fees of P200 million received in 2023 would not be sufficient to cover the costs required for expanding operations.
PEMC said that during its annual general membership meeting last month, it reported a total excess of expenses over revenue of a little over P90 million in its financial report.
“As a non-stock, non-profit corporation, PEMC intends to file an application with the ERC for approval of supplemental market fees to fund this capital expansion. This is urgently needed to augment operations in the monitoring of the Reserve Market, which will require additional manpower and equipment,” it said.
PEMC, as the governing body of the WESM, the trading floor of electricity, makes sure that transactions in the electricity market are fair and transparent.
