The Launch of the Philippine Renewable Energy (RE) Market Interim Commercial Operations
August 3, 2022
TAGUIG CITY - The Philippine Electricity Market Corporation (PEMC) successfully launched the Interim Commercial Operations (ICOP) of the Renewable Energy Market (REM) on 28 July 2022 at the Marquis Events Place in Bonifacio Global City (BGC). The launch took place during the “Making REMpossible: The Launch of the Philippine Renewable Energy Market Interim Commercial Operations” event, a tripartite collaboration between the Department of Energy (DOE), the United Nations Development Programme (UNDP), and the Philippine Electricity Market Corporation (PEMC).
“The REM will incentivize the harnessing of our wealth of natural resources, bringing in additional, more sustainable sources of electricity. We welcome this diversification that will safeguard our energy supply security,” said PEMC President Leonido J. Pulido III.
The launching could have not been timelier as the global community reels from the negative repercussions of high dependency on fossil fuel-based energy systems.
“The recent approval of the Philippine National RE Plan for 2020-2040 and this Interim Renewable Energy (RE) Commercial Operation point to the paths and concrete actions on how the Philippines will attain energy security and stability amidst this global and local challenges. The enthusiastic public and private sector support on the appointment of Secretary Raphael P. M. Lotilla to lead the DOE is also a signal of the sustained action that will be taken towards access to affordable, reliable, and modern energy—a well-expressed target contained in 1 out of the 17 Sustainable Development Goals for 2030,” said Dr. Selva Ramachandran, UNDP Philippines Resident Representative.
“The GEF and UNDP, through the Development for Renewable Energy Application Mainstreaming and Market Sustainability (DREAMS) Project, is fortunate to have the opportunity to contribute technical, management and financial support to this journey towards energy transition by supporting the mechanisms needed for the commercialization of the RE Market,” Ramachandran continued.
The REM ICOP launch was attended by REM participants as well as officials from the DOE, PEMC, UNDP, and the National Transmission Corporation (TransCo). The live event was done simultaneously with a virtual one to allow more participants to witness the ceremonial launch.
The REM will allow Mandated Participants to buy and sell Renewable Energy Certificates (RECs), which can help them meet their clean power requirements under the Renewable Portfolio Standards (RPS)—a government mechanism compelling them to source a portion of their power needs from renewable sources.
Overall, the REM is designed to attract renewable energy investment, bolster its development, and lead the country closer to meeting the National Renewable Energy Program (NREP) targets, which include the 35% RE share in the power generation mix by 2030. [E]