WHEREAS, Republic Act No. 9136 or the "Electric Power Industry Reform of 2001" otherwise known as "EPIRA" declares as policy of the state, among others, to protect the public interest as it is affected by the rates and services of electric utilities and other providers of electric power;

WHEREAS, Section 37 (f) of EPIRA mandates the Department of Energy (DOE) to, among others:

1. 1. ensure the reliability, quality, and security of supply of electric power;
   2. encourage private sector investments in the electricity sector and promote development of indigenous and renewable energy sources;
   3. promote a system of incentives to encourage electric power industry participants including new generation companies and end-users to provide adequate and reliable electric supply;
   4. jointly with the electric power industry participants, establish the wholesale electricity spot market and formulate the detailed rules governing the operations thereof; and
   5. exercise such other powers as may be necessary or incidental to attain the objectives of EPIRA;