MANILA— Majority or 81 percent of the members of the Wholesale Electricity Spot Market (WESM) voted in favor of the Independent Market Operator (IMO) Transition Plan.
The votes were cast during the group’s first membership meeting held Tuesday in Ortigas Center, Pasig City.
The Department of Energy (DOE) on Monday said it has just issued the adopting policies for the effective and efficient transition to the IMO for the WESM.
This guide under Department Circular No. DC2018-01-0002 was published in two major papers on Sunday, Feb. 4, and would immediately take effect.
In a statement, the DOE said this guide aimed to ensure fair competition and promotion of public interest.
Energy Secretary Alfonso Cusi earlier said WESM was an added option for the consumers, especially in addressing stability and efficiency of power supply.
“WESM and IMO would be consistent with the wisdom of EPIRA (Electric Power Industry Reform Act) to ensure quality, secure, reasonable prices, and electricity supply through transparent, competitive power market,” he said.
Cusi also noted that the IMO would ensure public accountability to safeguard the consumers.
According to the DOE, the move towards the independent operations of the electricity market has been overdue for more than a decade, with the EPIRA initially calling for the formation of an IMO a year after the WESM’s establishment.
Meanwhile, the Energy Department said it would cease its involvement in the Philippine Electricity Market Corporation (PEMC) Board, but would maintain its mandates of policy oversight, approval of the rules, manuals, as well as operational and performance standards.
“The Transition Plan retains PEMC as the governing body of the IMO, albeit existing as completely separate entities,” it said.