The Wholesale Electricity Spot Market (WESM) has encouraged competition in the power generation business, which should be good for the industry, Philippine energy officials said.
Energy Secretary Carlos Jericho Petilla said this competition will pave the way toward more investment opportunities for the sector.
The WESM, the market where trading of electricity is done, is governed by the Philippine Electricity Market Board (PEM Board).
Petilla made his remarks during the one-day refresher course on the WESM organized by the Department of Energy (DOE) and held at Philippine Electricity Market Corporation (PEMC) headquarters in Ortigas, Pasig City. The WESM 101 symposium is a follow-up to the inaugural meeting of the Task Force for Fair Electricity Price held last June 18.
The symposium discussed electricity generation and distribution, the stakeholders of the WESM, its systems, and structure. Among the attendees were representatives from consumer groups and business sector leaders.
Officials from both the DOE and the PEMC acted as resource speakers during the event. Energy officials and PEMC representatives also highlighted the benefits of an existing spot market in the transparency efforts of the government.
Petilla noted the task force was conceptualized to look into several proposals coming from energy stakeholders and determine the future direction of the sector.
He added that the task force might become a permanent entity when proven effective amid the big number of ideas that have come out and that need to be harmonized.