The Independent Electricity Market Operator of the Philippines is preparing for the full commercial operations of the renewable energy market by December 2024.
Valencia said a 1-megawatt-hour of RE generation is equivalent to one RE certificate, the Energy Regulatory Commission setting a price cap of P241 per RE certificate. “The target is 35 percent by 2030. This market will facilitate that. And yes, the mandated participants can source from the RE market if their power supply agreements are enough to have that percentage,” he said.
“Right now, it’s on interim commercial operations since 2022. And the current RE registrar is PEMC , but we’re expecting to have the functions transferred to IEMOP simultaneous with the declaration of commercial operations,” he said.