PEMC, Singapore counterpart tie up for power spot market

MANILA, Philippines - Local electricity spot market operator Philippine Electricity Market Corp. (PEMC) has partnered with its counterpart in Singapore to draft a framework that will enhance the operations and collaboration of both markets, and eventually in the Asean region.

PEMC and Singapore-based Energy Market Co. (EMC) signed a cooperation agreement at the Philippine Electricity Summit 2015 held yesterday.

The market operator said the agreement aims to establish the framework and reinforce existing cooperation and open new avenues towards a more effective and greater collaboration in order to achieve the objectives of the Philippine Wholesale Electricity Spot Market (WESM) and the National Electricity Market of Singapore.

In the same event, Energy Secretary Zenaida Monsada said both market operators have identified areas of mutual interest and shall assist each other in conducting trainings and seminars, advising on technical and commercial issues, information exchange and effective knowledge management.

“We hope that with the sharing of knowledge and best practices in operating energy markets, we will be able to develop a stronger and a more reflective electricity market that will attract customers and suppliers alike,” she said.

The partnership also aims to promote synergies in the Asean economic integration, PEMC president Melinda L. Ocampo said.

“We hope to promote collaboration and synergy as the Philippine power industry readies itself in the Asean economic integration,” she said.

For her part, Monsada stressed the need to take part in this collaboration to further improve operations in the local market and contribute to the regional synergies.

Having a more efficient operation will enhance competitiveness among market participants, thereby ensuring sufficient, reliable and least cost power supply, she noted.

“It is therefore important to take this opportunity to learn about RE market integration, Asean market enhancements and shifting towards an independent Philippine electricity market operations, and assess how we can apply it to our local energy market for the benefit of our people,” Monsada said.

“Hopefully, our power market will also in the future contribute to the Asean power market and will be a model for other countries that wish to achieve the same,” she added.