The Renewable Energy Market officially began full commercial operations on 26 December 2024, following the Department of Energy's issuance of Department Circular No. 2024-12-0031, titled 'Declaration of the Full Commercial Operations of the Renewable Energy Market.' Following the same, the Independent Electricity Market Operator of the Philippines started carrying out the RE Registrar functions.
in further preparation for the launch of full commercial operations of the REM. The physical transfer of the Philippine Renewable Energy Market System infrastructure, including software configuration under the network from PEMC to Market Operations Center was completed on 5 June 2024. and PEMC have since jointly conducted the necessary activities in preparation for the full commercial operations of the REM.On 23 April 2024, the Energy Regulatory Commission published the price cap initially set at PhP 241.56/MWh subject to review every two years or as deemed necessary and the Cost Recovery Mechanism of On-Grid Distribution Utilities in Compliance with the RPS. These regulatory frameworks complete the hard requirements for the REM to go on full commercial operations.
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