By Lenie Lectura - February 13, 2019
PANAY Energy Development Corp.
(PEDC), a subsidiary of Global Business Power (GBP), was cited by the
Philippine Electricity Market Corp. as among the 10 power-generating companies
with the least number of market-rule breaches.
The PEDC has a combined gross
capacity of 314 megawatts and operates 11 power-generation facilities in Cebu,
Iloilo, Aklan and Mindoro. It also has a 50-percent stake in Mindanao-based
Alsons Thermal Energy Corp. Pursuant to Wholesale Electricity Spot Market
(WESM) rules, each scheduled generator is required primarily to comply with the
must-offer rule and real-time dispatch deviation. Any violation of the rules,
meanwhile, would result into a breach, which could mean penalty fees.
“Through continuous compliance with
WESM regulations, GBP helps encourage competition in the market, as well as
promote the effective operation of transmission networks,” GBP President Jaime
T. Azurin said. Meanwhile, GBP Commercial and Strategy Head Philip Dasalla, who
received the award on behalf of the company, highlighted the need for market
participants to continuously adhere to WESM rules and regulations.
“Following WESM rules ensures that
efficiency gains are maximized, as price signals pressure businesses to reduce
costs, align process and use their assets more effectively,” he said.
Since 2018, PEMC has served as a
governance body under the regulatory oversight of the Department of Energy and
the Energy Regulatory Commission, tasked with monitoring compliance by market
participants.
Meanwhile, WESM operation was turned
over to the Independent Electricity Market Operator of the Philippines Inc. in
line with the thrust of the Electric Power Industry Reform Act for the market
to be run by an independent market operator.
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