GLOBAL Business Power (GBP), a subsidiary Panay Energy Development Corporation (PEDC), has been cited by the Philippine Electricity Market Corp. (PEMC) for its exemplary compliance with market rules.
Panay Energy Development Corporation, which has a combined gross capacity of 314 MW, has been named by PEMC as among the ten generating companies with the least number of market rule breaches. Pursuant to WESM rules, each Scheduled Generator is required primarily to comply with the must-offer rule (MOR) and real-time dispatch (RTD) deviation. Any violation of the rules, meanwhile, would result into a breach, which could mean penalty fees.
“Through continuous compliance with WESM regulations, GBP helps encourage competition in the market as well as promote effective operation of transmission networks,” said GBP President Jaime T. Azurin.
Meanwhile, GBP Head Commercial and Strategy Philip D. Dasalla, who received the award on behalf of the company, highlighted the need for market participants to continuously adhere to WESM rules and regulations. “Following WESM rules ensure that efficiency gains are maximized, as price signals pressure businesses to reduce costs, align process, and use their assets more effectively,” he said.
Since 2018, PEMC has served as a governance body under the regulatory oversight of the Department of Energy (DOE) and the Energy Regulatory Commission (ERC), tasked with monitoring compliance by market participants. Meanwhile, WESM operation was turned over to the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP) in line with the thrust of the Electric Power Industry Reform Act (EPIRA) for the market to be run by an independent market operator.
GBP operates 11 power generation facilities in Cebu, Iloilo, Aklan, and Mindoro. In 2017, the company acquired a 50% stake in Mindanao-based Alsons Thermal Energy Corporation.