The Philippine Electricity Market Corp. (PEMC) and Singapore-based Energy Market Co. (EMC) are intensifying a partnership for a more efficient trading cooperation.
“We could always learn from each other like trainings and, seminars of both parties and they could have an exchange of knowledge,” Energy Secretary Zenaida Monsada told reporters on the sidelines of the Philippine Electricity Summit 2015 on Friday.
Consumers are likely to benefit from such cooperation.
“Hopefully, if there is impact, there will be improvement for more efficient operations. It will enhance the competitiveness,” she said.
The role of the market operator “is to ensure there’s always sufficient, reliable supply at the least cost,” according to the Energy official.
The agreement between PEMC and EMC was signed during the Philippine Electricity Summit 2015.
According to PEMC, the agreement aims to establish the framework and reinforce existing cooperation and open new avenues towards a more effective and greater collaboration.
The agreement is in line with the objectives of the Philippine Wholesale Electricity Spot Market and the National Electricity Market of Singapore.
The summit examined the impact of the ASEAN economic integration on the power sector, the ASEAN Power Grid and the role of gas in power generation. ASEAN is the Association of Southeast Asian Nations.
The global energy outlook by the International Energy Agency highlights the challenges and actions on how energy can play a pivotal role in climate change mitigation was also taken up by summit participants.
Within the local context, best practices in co-optimization of energy and reserve markets are presented in ensuring energy security in the country.