Philippine Electricity Market Corporation

Philippine Electricity Market Corporation is rated 3 out of 5 in the category oil & energy. Read and write reviews about Philippine Electricity Market Corporation. WE ARE PEMC The Philippine Electricity Market Corporation (PEMC) is a non-stock, non-profit corporation incorporated in November 2003 upon the initiative of the Department of Energy (DOE) with representatives from the various sectors of the electric power industry. The PEMC served as the autonomous group market operator and governing body of the Philippine Wholesale Electricity Spot Market (WESM) in over ten (10) years. The WESM is a centralized venue for buyers and sellers to trade electricity as a commodity where its prices are determined based on actual use (demand) and availability (supply). It was created pursuant to Republic Act 9136, also known as the Electric Power Industry Reform Act (EPIRA) of 2001. The WESM began commercial operations in Luzon in June 2006 and in the Visayas in December 2010. OUR ROLE The EPIRA mandated the formation of an independent entity to which the market operator functions, assets, and liabilities will be transferred. With this, the Department of Energy (DOE), along with the electric power industry market participants, endorsed the transfer of the WESM operations from PEMC to the Independent Electricity Market Operator of the Philippines (IEMOP) on 26 September 2018. The PEMC remains as the governing body of the WESM primarily through the PEM Board of Directors and the WESM Governance Committees. PEMC’s role is to remain steadfast and proactive in its mission to ensure that there is POWER, EFFICIENCY, MARKET, and COMPETITION in the energy industry through the effective and efficient governance of the WESM.