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Friday, March 29, 2024

IEMOP eyes market for power reserves

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Independent Electricity Market Operator of the Philippines is pushing for mechanisms and programs to help long-term power capacity building, including the establishment of the reserves market this year.

“This will attract investors to put up facilities to cater to the requirement for ancillary services,” IEMOP officials said during a virtual briefing on Monday. IEMOP operates the Wholesale Electricity Spot Market, the country’s trading floor of electricity.

Other market advocacies include the use of market signals to determine the optimal locations of generation and transmission facility, a mechanism where capacities are auctioned and the winning investors are guaranteed capacity payments through universal tariff, and forwards market that will ensure financial viability of generation investments.

“We are seeing phase 1 one the reserves market to be implemented this year, and if we implement the reserves market our generating facilities will be incentivized in order to cater to the requirement for ancillary services especially when demand goes up,” IEMOP officials said.

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