Energy Secretary Alfonso G. Cusi (left, standing) turns over the chairmanship of the PEMC to Noel V. Aboboto (right, standing) during PEM board meeting on Tuesday, July 31, 2018. (Photo from the website of the Department of Energy)
Energy Secretary Alfonso Cusi has officially turned over the chairmanship of Philippine Electricity Market Corp. (PEMC) in a ceremony held on Tuesday.
“While the DOE [Department of Energy] has bid its fond farewell to the chairmanship of the PEM [Philippine Electricity Marke]) board, we are excited about the promising opportunities that await,” Cusi said during a program at the PEMC office in Ortigas, Pasig City.
In previous administrations, including Cusi’s two-year tenure, the DOE was automatically appointed as PEMC chair.
On Friday last week, the PEM board unanimously voted for Noel Aboboto, senior manager of Team Energy Corp., as the new and first private individual sitting as chairman.
Former Energy Regulatory Board Chairman Oscar Ala was also elected as PEMC president, while Elenita Go of SMC Global Power was voted as treasurer.
In a previous statement, Cusi said that the move fulfills the vision of the Electric Power Industry Reform Act [Epira], passed during the term of then President Gloria Macapagal-Arroyo, who is now House Speaker.
“We welcome the election of Mr. Aboboto as the new PEMC Chair,” Cusi said in a message on the DOE website. “Great strides have been made this week in finally fulfilling EPIRA’s vision for the institutionalization of a truly independent market operator [IMO].”
“From the very beginning, we were clear that we would pave the way for the market’s self-governance. I am happy to see it come to fruition and I sincerely hope that the IMO and PEMC would serve both the energy industry and the consuming public well in the years to come,” he added.
Aboboto echoed Cusi’s sentiments, saying that the independence of PEMC was in line with the objectives of Epira.
“Truly, this is a momentous, historic, unsurpassed and unprecedented event,” Aboboto said. “We’re grateful to Secretary Cusi for spearheading this, and sticking and adhering to the principle and spirit of Epira.”
“Us in the private sector, in our pursuit to manage our own business here we are, independent, as we wanted it 12 years ago, and giving us the opportunity to manage our own affairs, and policing ourselves to further the ideals of PEMC,” he added.
In an ambush interview, Cusi said that one of the effects of PEMC’s privatization would be the provision of a reliable supply, as reserve electricity would be up for grabs in the market.
He noted that for the past year the power supply was able to meet the demand.
“DOE wants to build capacity to have enough reserve that will be traded in the market,” he said.
He reminded everyone present, however, that there were still a lot of things that would need to be done.
“Our work is far from done,” he said. “But so long as we remain focused on our end goal, and act together, we will get where we need to be.”
The electricity market, he noted, would only work if there was enough supply.
“And that is what we in DOE is trying to do,” Cusi said. “We’d like to create an ample supply that would propel healthy energy industry, that would deliver a reliable, sustainable, and affordable electricity tariff.” /atm