“In anticipation of the eventual approval by the ERC of the PDM, the [market operator] is directed to commence the TOP by 26 June 2023,” the DOE said in its advisory.
According to the DOE, the TOP is a “nonbinding exercise” for reserve market participants to test all market systems for registration, scheduling, dispatch and pricing, metering, cost recovery and settlement. She added that it would help entice investors to build additional power plants if there is minimal trade observed in the market.“High power demand when there is low supply triggers higher prices. Through the reserve market, we can increase the power reserves we currently have and therefore lower the price of electricity,” Dimalanta said in March.
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