Crowne Plaza Hotel, Pasig City
11 December 2012
President Benigno S. Aquino III joined in the annual International Conference on Retail Markets (ICORM) at the Crowne Plaza Hotel in Pasig City. This year’s conference aims to introduce the launch of the Retail Competition and Open Access (RCOA) in the Philippine power industry.
In his remarks, President Aquino explained that the Wholesale Electricity Spot Market program is his administration’s long-term solution in preventing sudden increases in electricity prices and providing affordable power cost.
“WESM will not magically lower electricity prices overnight, but it is a sensible long term solution. It encourages competition and saves consumers from being at the mercy of a single company with monopoly power; it allows them to select the retailers who offer the most benefit,” the President added.
He further said that the upcoming implementation of RCOA will help in lowering the cost of electricity in the country but he still looks forward for more energy market players.
President Aquino stated that the results of the talks during the conference will be the key to address the country’s challenges in bringing light to far-flung areas, maximizing renewable sources of energy, and assuring that enough companies will invest in the energy sector to supply the increasing demand of energy in the country.
Local and foreign delegates from Southeast Asia, Pacific region and Europe participated in the conference, which was co-organized by the Department of Energy and the Philippine Electricity Market Corporation. Among the topics discussed are the following: relationship between retail market practices and wholesale market design, role of power exchanges in cross-border power transaction in the ASEAN region, review of wholesale and retail operations in international setting, overview of wholesale and retail operations in international setting, overview of market governance status and challenges in retail electricity trade and policy and regulatory updates on retail competition in the Philippines.
The President was accompanied by Energy Secretary Carlos Jericho Petilla, Secretary to the Cabinet Jose Rene Almendras and Philippine Electricity Market Corporation President Melinda Ocampo.
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