A NEW OFFER CAP for the power traded at the Wholesale Electricity Spot Market (WESM) is expected to be adopted within the year, the Energy chief said during the weekend.
The WESM Tripartite Committee — composed of the Energy department, Philippine Electricity Market Corp. (PEMC) and the Energy Regulatory Commission (ERC) — will decide on the new price ceiling that will replace the P32 per kilowatt-hour (kWh) currently being implemented.
“The new cap should be out before the end of the year,” Energy Secretary Carlos Jericho L. Petilla said in an interview.
A public consultation will be held on June 16. Interested parties have until May 30 to submit their proposals.
The current P32/kWh limit is an interim cap that has been in effect since December. It is a little over half of the P62/kWh originally set when the market started operations in 2006.
High WESM prices have been blamed for a planned P4.15/kWh Manila Electric Co. rate hike that is currently being reviewed by the Supreme Court. — Claire-Ann Marie C. Feliciano, Businessworld
#WearMask #WashHands
#Distancing
#TakePicturesVideos
