PASIG CITY - Department of Energy Secretary Alfonso G. Cusi delivered the keynote address during the signing ceremony for the operating agreement between PEMC and IEMOP at the headquarters of the Wholesale Electricity Spot Market (WESM) on Wednesday, 19 September 2018.

In his speech before the board members of the Philippine Electric Market Corporation (PEMC) led by Chair Noel V. Aboboto, and the Independent Electricity Market Operator of the Philippines (IEMOP) headed by Chair Ralph A. Villanueva, the Energy Chief said, “From the very start of my term as DOE Secretary, it was the Department's priority for PEMC to be independent from the DOE and to create a fully-independent market operator. Bearing the public’s interest in mind, I believe this transition will expedite the growth of the country’s electricity market."

The signing of the operating agreement between the PEMC and the IEMOP was made possible due to Secretary Cusi's initiative of relinquishing the chairmanship of the PEM Board to the very first chairman of the PEMC from the private sector.

The operating agreement triggers the transition of the energy market's operations from the PEMC to the IEMOP, as indicated in the Independent Market Operator transition plan jointly endorsed by the DOE and the electricity industry participants, and in accordance with Department Circular 2018-01-0002.

“While the DOE will remain steadfast with its role as a policy making body, it is my belief that in the hearts of the leaders of IEMOP is the welfare of the people,” Sec. Cusi said.

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