Power Sector Assets and Liabilities Management Corporation Officer-in-Charge Ms. Lourdes S. Alzona, together with PSALM officers, attended the launching of the Wholesale Electricity Spot Market (WESM) - Mindanao held at the SMX Convention Center in Davao City last 28 June 2017.
Established as a venue for trading electricity as a commodity, WESM Mindanao aims to attract more investors, provide consumers with more sources of electricity, and facilitate a transparent electricity market.
PSALM has registered the STEAG Mindanao Coal-Fired Power Plant and the Agus and Pulangi Hydroelectric Power Plants in the Trial Operation Program of WESM Mindanao. With the operation of the WESM, PSALM will carry on its role to serve its customers through efficient service and more competitive and regulated rates.
Recently, the Energy Regulatory Commission approved PSALM’s applications for rate adjustments representing the movement in the price of fuel, purchased power and foreign-exchange related costs that PSALM incurred in the operation of its power plants in prior years starting 2007 until 2014.
As a result of the rate adjustments, PSALM customers in Mindanao will get to enjoy a total of PhP7.58 billion refund to be implemented monthly over a five-year period.
In its efforts to maintain transparency in its contracting process with its customers in Mindanao both in prices and energy and demand allocation, PSALM subjects its effective rates to continuous review to ascertain over or under recoveries.Back