THE Philippine Electricity Market Corp. (PEMC) said it opened the renewable energy market (REM) to interim commercial operations on Thursday.
“The REM will incentivize the harnessing of our wealth of natural resources, bringing in additional, more sustainable sources of electricity,” PEMC President Leonido J. Pulido III said in a statement.
Mr. Pulido said that PEMC hopes that more diverse sources of energy will boost energy security.
REM is a venue for buying and selling renewable energy certificates (REC), representing property rights over renewable electricity generated by market participants.
Under the Renewable Energy Act of 2008, PEMC serves as the Renewable Energy Registrar, which will be responsible for issuing, keeping, and verifying RE Certificates corresponding to energy generated from eligible RE facilities.
The PEMC, as the DOE-designated registrar for renewable energy, issues one REC for every megawatt hour of actual output from eligible RE facilities. — Ashley Erika O. Jose