Department of Energy (DOE). INQUIRER FILE PHOTO

The platform meant to accelerate renewable energy’s (RE) share in the Philippines’ power mix will go fully online before 2024 ends, the Department of Energy (DOE) said.

The DOE released a circular to signal the full operations of the renewable energy market, which is set on Dec. 26.

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This came more than two years after the Philippine Electricity Market Corp. (PEMC) announced the start of REM’s interim commercial operations in August 2022.

The PEMC currently serves as the market registrar, but the Independent Electricity Market Operator of the Philippines (IEMOP) will eventually take over.

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REM is a marketplace for the trading of renewable energy certificates equivalent to an amount of power generated from clean energy sources. It is designed to increase the usage of renewable energy as well as boost the country’s shift to clean power.

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According to IEMOP, the market would facilitate the compliance of industry players to source 11 percent of their power sales from clean energy sources.

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Arjon Valencia, corporate planning and communications manager of IEMOP, earlier said that if these market participants’ supply agreements do not have enough renewable energy to meet the required percentage, they can tap RE certificates from the REM instead.

The mandated players are the electric cooperatives, distribution utilities and retail suppliers.

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The IEMOP also said that as of Nov. 26, 90 percent or 295 of the expected 328 on-grid participants—which include RE generators and mandated participants—have registered in the REM and have active access to the PREMS or Philippine Renewable Energy Market System.

The government has an ambitious target to increase clean energy’s share in the electricity mix to 35 percent by 2030 from the current 22 percent.

One of the programs aimed to expand the renewable energy sector is the Green Energy Auction Program.

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Just this week747 live, the 2024 Climatescope Report by BloombergNEF ranked the Philippines as the second most attractive emerging market for clean power investments, climbing by two notches from 4th place last year and a huge jump from the 20th spot in 2021. INQ

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