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DOE to launch renewable energy market on Dec. 26

Business

DOE to launch renewable energy market on Dec. 26

By Gabriell Christel Galang

The Department of Energy (DOE) has announced that the renewable energy (RE) market will commence this month, which aims to help the Philippines achieve its target share of clean energy generation mix over the next few years.

According to a DOE circular, full commercial operations for the RE market will begin on Dec. 26, which will serve as a platform for trading renewable energy certificates (RECs).

Each REC represents power generated from renewable sources, enabling companies to meet their Renewable Portfolio Standards (RPS) requirements.

REC prices will be determined by supply and demand, reflecting the long-term benefits of integrating more renewable energy into the power system.

To ensure fairness, RECs will be issued only for actual generation from eligible facilities. Each facility will receive one REC for every megawatt-hour (MWh) of verified RE generation.

Mandatory participants include distribution utilities (DUs), electric cooperatives (ECs), retail electricity suppliers (RES), local electricity suppliers (LRES), suppliers of last resort (SOLR), and generation companies (GenCos).

There are also off-grid participants, such as suppliers of electricity to end-users in off-grid areas.

The Independent Electricity Market Operator of the Philippines (IEMOP) explained that the RE market is mandated by the Renewable Energy Act of 2008 (Republic Act 9513). This law directs the Philippine Electricity Market Corporation (PEMC) to amend the Wholesale Electricity Spot Market (WESM) rules to accommodate the RE market.

The DOE will oversee the RE market to ensure its smooth integration with WESM. The department will also formulate rules and impose penalties on energy players who fail to comply with regulations.

The Energy Regulatory Commission (ERC) has set a price cap of P241.56 per MWh for RECs.

Related Tags

Department of Energy (DOE)

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