The Department of Energy announced on Tuesday that the full commercial operation of the renewable energy market, which aims to increase the utilization of clean energy, will happen on December 26.
The RE market is defined by the Philippine Electricity Market Corp. as the venue for the trading of RE Certificates equivalent to an amount of power generated from RE resources. It is intended as a facility for mandated participants to comply with their Renewable Portfolio Standards obligations. The declaration of the RE market’s full commercial operation will help the government achieve its 35-percent RE share in the country’s power mix by 2030 from the current 22 percent.
RE certificates, meanwhile, are equivalent to a one-megawatt-hour of RE generation at a price capped at P241 each. Renewables should account for at least 11 percent of the participants’ energy sales.
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