MORESCO-1 General Manager, Engr. Jovel B. Ubay-Ubay has been endorsed by the National Electrification Administration (NEA) as one of the representatives of the Electric Cooperatives to the Board of Directors of the Philippine Electricity Market Corporation (PEMC).
NEA Administrator Antonio Mariano C. Almeda endorsed GM Ubay-Ubay to the PEMC Board, whose first board meeting he attended was on September 27, 2023.
The PEMC was incorporated in November 2003 as a non-stock, non-profit corporation upon the Department of Energy (DOE) initiative with representatives from the various sectors of the electric power industry. The PEMC served as the autonomous group market operator and governing body of the Philippine Wholesale Electricity Spot Market (WESM) for over ten (10) years.
The WESM is a centralized venue for buyers and sellers to trade electricity as a commodity where prices are determined based on actual use (demand) and availability (supply). It was created pursuant to Republic Act 9136, also known as the Electric Power Industry Reform Act (EPIRA) of 2001. The WESM began commercial operations in Luzon in June 2006, Visayas in December 2010 and in Mindanao in 26 January 2023.
As provided in the Electric Power Industry Reform Act (EPIRA), PEMC transferred the operations of the WESM to the Independent Electricity Market Operator of the Philippines (IEMOP) on 26 September 2018 upon the endorsement of the Department of Energy (DOE) and the electric power industry market participants.
Congratulations GM Jovel!