The Philippine Chamber of Commerce and Industry (PCCI) asked the Energy Regulatory Commission (ERC) and the Independent Electricity Market Operator of the Philippines (IEMOP) to take firm action on payment defaults by members of the Wholesale Electricity Spot Market (WESM).
IEMOP acknowledged in a recent meeting the challenges posed by WESM participants who fail to settle their spot market obligations which hampers the full payment of receivables to compliant members.
PCCI warned that persistent non-payment erodes market integrity and unfairly penalizes those who meet their financial responsibilities. “These defaults distort market signals and expose law-abiding participants to undue financial risk. Passing the burden to compliant WESM members effectively penalizes them while allowing delinquent ones to evade their obligations,” the group said in a statement.
The PCCI said the defaults would result in higher market fees or electricity prices passed on to consumers.
