The Philippine Electricity Market Corporation (PEMC), which serves as the governance body of the Wholesale Electricity Spot Market (WESM), has elected its new set of board of directors and officers that will help oversee the operations of the country’s power spot market.

The reconstituted board and management of the company are mix of old and new faces in the industry - with the bulk coming from the ranks of the power sector’s industry players.

Renamed as president of PEMC, during their annual membership meeting, had been lawyer Elvin Hayes Nidea; and re-elected as chairman is Noel Aboboto of TeaM Energy Philippines.

Rounding up the roll of corporate officers at PEMC are Elenita Go of SMC Global Power Holdings Corp of the San Miguel group as treasurer; and Kate Aubrey Hojilla as corporate secretary.

Nidea claimed that part of PEMC’s major accomplishment has been concretizing the operationalization of the Renewable Energy Market (REM), a market mechanism that will institutionalize the trading of RE certificates that could potentially thrive as added incentives for investors infusing capital in the sector.

“PEMC has played a pivotal role in advancing renewable energy integration and sustainability initiatives across the Philippines with the establishment of the REM,” he said.

For the board of directors who will be taking PEMC’s helm from 2024-2027, the seats have been given to Richard Nethercott of the Independent Electricity Market Operator of the Philippines (IEMOP), which is the WESM market operator; then lawyer Ronald Dylan Concepcion for system operator National Grid Corporation of the Philippines (NGCP); and the representatives from the distribution utilities have been Jose Ronald Valles of Manila Electric Company (Meralco) and Augusto Sarmiento of Dagupan Electric Corporation.

The others in the PEM board are executives of the country’s major generation companies – comprising of Danel Aboitiz of Aboitiz Power Corporation, Go of SMC Global Power Holdings; Victor Emmanuel Santos Jr. of First Gen Corporation and Juan Eugenio Roxas of FDC Utilities Inc. of the Filinvest group.

The supply sector will also be represented by Aboboto in the PEM Board; while the ones coming from the ranks of the electric cooperatives have been Allan Laniba of Leyte III Electric Cooperative (LEYECO III); and Jovel Ubay-ubay of Misamis Oriental-1 Rural Electric Service Cooperative.

Also designated as independent directors are Nidea and Arranza; while the new ones in the league are Antero Jose Caganda and Vicente Sioson.

PEMC qualified that the new set of directors and officers were drawn based on the outcome of voting by the industry stakeholders and market participants.