Electric spot market price finalized: exec

THE DEPARTMENT of Energy (DOE) said it is waiting for the finalization of the price determination methodology (PDM) in time for the proposed implementation of the wholesale electricity spot market (WESM).

This, as the agency is targeting theĀ full commercial operation of the WESM by the second quarter of next year.

Speaking to reporters at the E-Power Mo energy investment forum and stakeholders conference at the Grand Regal Hotel, DOE Assistant Secretary Redentor E. Delola said that the Energy Regulatory Commission has yet to approve the PDM in order for the WESM to be implemented in Mindanao.

Another issue is the delay in the implementation of the embedded generators and customers, Delola said.

The agency is expecting that the new single pricing mechanism will be approved in the first quarter of next year so that the market can be operated in the entire country.

The three grids will be synchronized from 10-minute intervals to five-minute intervals by next year so that the bids for the electricity in the proposed market would have the same increments.

“The offers and bids will be on the five-minute basis,” Delola said.

According to the official, the DOE was conducting an audit of the system.

Meanwhile, DOE Undersecretary Felix William Fuentebella said that the House of Representatives has passed on committee level a proposal for the creation of a Mindanao Power Corporation (Minpocor).

Fuentebella said Zamboanga City Rep. Celso Lobregat informed him that the committee has approved the proposal.

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