Renewable energy market to be fully operational this week
The government is prepared to officially launch the full commercial operations of the renewable energy market this Christmas week, with the country’s energy chief expecting this to further propel the sector’s growth.
The Department of Energy (DOE) said on Monday that the trading of renewable energy certificates (RECs) would “officially commence” on Dec. 26, allowing around 285 participants to join the platform.
“The full commercial operation of the REM is pivotal in advancing the country’s clean energy transition,” said Energy Secretary Raphael Lotilla.
“It supports compliance with the RPS (renewable portfolio standards), fosters investment in renewable energy, and ensures a robust framework for sustainable energy trading,” he added.
READ: PH’s renewable energy trading goes full blast on December 26
REM is a marketplace for trading renewable energy certificates equivalent to an amount of power generated from clean energy sources. According to the Independent Electricity Market Operator of the Philippines (IEMOP), the market would facilitate the compliance of industry players to source 11 percent of their power sales from clean energy sources.
Article continues after this advertisementThe mandated players are electric cooperatives, distribution utilities, and retail suppliers.
Article continues after this advertisementOnce the renewable energy market goes fully online, the IEMOP will take the helm from the Philippine Electricity Market Corp.
IEMOP earlier reported to the agency that all “critical activities” to ensure the seamless transition and full commercial operations of the platform were already finished.
The DOE said the full activation of the avenue could “drive the development of renewable power projects and bolster the country’s transition to clean energy.”
The Marcos administration has been boosting its efforts to gain more support from the private sector to develop more clean energy projects.
Currently, the share of renewables in the power generation mix is 22 percent. The government targets to increase this figure to 35 percent by 2030.
