The energy department is keen on setting up a renewable energy market by next year and is now awaiting results of feasibility studies, an official said in an interview.
“The renewable energy market could happen early next year. We have asked for technical assistance from the United States Agency for International Development (USAID) and the World Bank,” said Energy Undersecretary Josefina Patricia M. Asirit.
“An inception report studying the current market is being done by the USAID and the World Bank committed technical assistance to move forward with the design of the market,” Ms. Asirit said.
The Department of Energy (DoE) said the renewable energy market will be harmonized with the existing Wholesale Electricity Spot Market “so electricity trading will be under one market.”
The renewable energy market is a mechanism under the Renewable Energy Act of 2008. It allows the trading of electricity from renewable energy sources as a commodity. Distribution utilities and electric cooperatives, which are required to obtain a percentage of all power it provides to consumers from renewable energy sources, can buy electricity in the market.
The standards are currently being finalized by the Energy department.
