Manila Standard Today
by Alena Mae S. Flores
SAN FRANCISCO, California—The Philippines hopes to come out with the rules for the renewable energy market by the first quarter next year, an energy official said here.
Josue Balacuit, officer-in-charge and chief science and research specialist of the Energy Department’s Electric Power Industry Management Bureau, told reporters at the sidelines of the Renewable Energy Markets Conference last week that the Philippines was laying the groundwork for the implementation of the renewable energy market.
The market will serve as the venue of the issuance, trading and monitoring of renewable energy certificates to comply with portfolio standards.
The standards refer to a market-based policy that requires electricity suppliers to secure an agreed portion of their energy supply from eligible renewable sources. The department has come out with the draft rules for the renewable energy portfolio standards.
“The implementation of the RE market is in the law. The department will establish the RE market, under the Wholesale Electricity Spot Market. Philippine Electricity Market Corp. will establish the RE registry,” Balacuit said.
WESM acts as the trading floor for electricity while PEMC is the operator of WESM.
“The RE market will be the venue of trading of the renewable energy certificates. The department has engaged as consultant, under the auspices of [United States Agency for International Development]. They’re just awaiting the release of the inception report which will contain the recommendation for the features for the renewable energy market,” Balacuit said.
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