THE Philippine Electricity Market Corp. on Thursday introduced a new system aimed at full automation of all processes at the Wholesale Electricity Spot Market (WESM) for a more competitive and transparent trading.
PEMC said the new Central Registration and Settlement System (CRSS) will enhance market process including registration, metering, billing, and settlement.
A system linked to the New Market Management System, the CRSS gathers data and schedules used in settlement processes.
It was designed in line with the modified WESM rules, which shortened the power dispatch interval to five minutes from one hour.
“Being able to accomplish registration and transactions securely online is but another step but one that we are confident that our market players will surely appreciate once they switch to using this,” PEMC President Melinda Ocampo said.
The company is keen on supporting the Philippine government’s continuous efforts to reform the energy sector through market liberalization and private investment, she noted.
PEMC said testing the WESM operations in Mindanao is ongoing, with java development company Exist Software Labs Inc. as technology partner.
Exist President and Chief Executive Officer Michael Lim said the company is committed to developing an advanced platform promoting transparent transactions, enhanced competition, and lower electricity costs.