With a new enterprise system that facilitates timely and updated participants’ registration and trading information, PEMC moves one step closer to achieving full automation of all WESM processes geared toward a more competitive and transparent market.
Wholesale electricity spot market (WESM) operator, Philippine Electricity Market Corporation (PEMC) reaches another milestone as it introduces the Central Registration and Settlement System (CRSS) to its market participants, an enterprise system that further enhances market processes such as registration, metering, billing and settlement.
With trial operations of the WESM ongoing in Mindanao, PEMC with technology partner, Exist, continues to pursue and drive market efficiency through innovation to reduce time required for several market processes in the trading of power commodity.
“We’re excited to present our stakeholders the first glimpse of CRSS so they can see for themselves how we’re leveraging technology to upgrade our operations,” for driving efficiency and one that will benefit the entire electricity-consuming populace as well,” explains PEMC President Melinda Ocampo.
CRSS was designed and developed considering the enhanced WESM Rules that is based on a 5-minute dispatch interval. It is linked to the New Market Management System (NMMS) to collect data on prices and schedules which will be used in the settlement process.
“Enhancing the operations of the country’s platform for electricity trading is a substantial undertaking. PEMC is committed to support the government’s ongoing efforts to reform our electricity sector with market liberalization and private investment,” says Ms. Ocampo.
“As the technology partner of PEMC, Exist is committed to developing an advanced platform that promotes transparent transactions, enhances competition and efficiently drives down electricity costs,” shares Michael Lim, president and CEO of Exist.
With CRSS, PEMC enables timely supplier switching process of contestable customers under the retail competition regime possible while facilitating data exchange between the Market Operator and the trading participants.
“PEMC ushers a new period empowered by innovation and we would like our partners to embrace this change with us,” adds the PEMC President. “Being able to accomplish registration and transactions securely online is but another step but one that we are confident that our market players will surely appreciate once they switch to using this.”