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Manila Bulletin devider Business devider More green energy certificates expected as Philippines boosts renewable capacity

More green energy certificates expected as Philippines boosts renewable capacity

Published Feb 11, 2025 08:39 am

The Independent Electricity Market Operator of the Philippines (IEMOP) expects an increase in Renewable Energy Certificate (REC) issuance, driven by the ongoing Green Energy Auction Program (GEAP).

Chris Warren C. Manalo, assistant manager of IEMOP’s market simulation and analysis division, explained that the GEAP, along with increased renewable energy capacity, will boost REC issuance by 2025.

"The ongoing GEAP and the upcoming RE plan will contribute to the increase in RE capacity. For every megawatt-hour (MWh) of additional capacity, one REC is issued. Therefore, any additional RE capacity would be equivalent to the additional RECs that can be issued this year," he told reporters on Tuesday, Feb. 11.

This projection follows the recent commencement of full commercial operations of the renewable energy market (REM) in December 2024, as declared by the Department of Energy (DOE). As of February, a total of 46,464 RECs, valued at ₱9.68 million and averaging ₱207.47 per REC, were traded on the REM.

"The REM is the venue for trading RECs, each of which can be sold at a PHP241.56 price cap, to facilitate compliance of mandated participants with the RPS obligations," IEMOP explained.

IEMOP data from 2018 to 2024 showed a total of approximately 40 million RECs, with 33.8 million issued for mandated participants and 6.29 million for generating participants.

Kathleen Joyce Guevarra, an IEMOP analyst from the market simulation and analysis division, noted that the total RECs for compliance were approximately 32.8 million, stating, "There is enough REC for compliance and trading in the REM."

In addition to REM trading, IEMOP announced earlier this week the first customer to switch from the captive to the contestable market under the Retail Aggregation Program (RAP). East zone concessionaire Manila Water Co. has switched 10 facilities with a combined capacity of 500 kilowatts (kW) to source power from PrimeRES Energy Corporation.

The RAP allows customers in the retail market to choose their electricity supplier, similar to the Retail Competition and Open Access (RCOA) for consumers with a demand of 500kW or more, and the Green Energy Option Program (GEOP), which allows customers with at least 100kW of demand to switch to renewable energy sources.

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Independent Electricity Market Operator of the Philippines Renewable Energy Market
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