GBP cited for compliance to power spot market rules

A subsidiary of Global Business Power Corp. (GBP) has been cited for compliance to wholesale electricity spot market (WESM) rules.

In a statement, GBP said subsidiary Panay Energy Development Corp. (PEDC) has been named by the Philippine Electricity Market Corp. (PEMC) as among the 10 generating companies with the least number of violations of market rules.

PEDC has a combined gross capacity of 314 megawatts (MW).

Each scheduled generator is required to comply with the must-offer rule (MOR) and realtime dispatch (RTD) deviation.

Any violation of the rules, meanwhile, will result in the imposition of penalties.

“Through continuous compliance with WESM regulations, GBP helps encourage competition in the market as well as promote effective operation of transmission networks,” GBP president Jaime Azurin said.

GBP head commercial and strategy Philip Dasalla cited 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 and the Energy Regulatory Commission, tasked with monitoring compliance by market participants.

The WESM operation was turned over to the Independent Electricity Market Operator of the Philippines Inc. 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.