President Ferdinand Marcos Jr.
MANILA, Philippines — The Energy Regulatory Commission (ERC) will temporarily suspend the Wholesale Electricity Spot Market (WESM) operations during red alerts to control power rates, said President Ferdinand Marcos Jr. on Wednesday.
Governed by the Philippine Electricity Market Corporation, the WESM is a trading market for electricity in the Philippines. Prices in the WESM are determined through commercial and market forces.
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“Kahapon lamang ay kumilos na ang Energy Regulatory Commission o ERC upang pansamantalang isuspende ang operasyon ng tinatawag na Wholesale Electricity Spot Market o WESM kapag may idineklarang Red Alert ang System Operator o NGCP (National Grid Corporation of the Philippines),” said Marcos in his Labor Day speech.
(Just yesterday, the Energy Regulatory Commission moved to temporarily suspend the operations of what we call the Wholesale Electricity Spot Market if there is a Red Alert by the System Operator or the National Grid Corporation of the Philippines.)
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Marcos said this move will stop the rapid increase of electricity prices.
The NGCP has raised the red and yellow alerts in different parts of the country as the national power supply thins.
According to the Independent Electricity Market Operator Philippines’ website, the WESM allows traders to schedule energy transactions, compute a marginal price, and more.