ERC orders partial lifting of settlement stay

Regulators have partially lifted the suspension of reserve market settlements on the Wholesale Electricity Spot Market (WESM) to allow utilities to recover some of the costs incurred.

In an order dated May 9, the Energy Regulatory Commission ordered the Philippine Electricity Market Corp. (PEMC) and the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) to allow the settlement of 30 percent of the payment amounts for reserve market transactions for the settlement month of March.