The push for clean and renewable energy just took a big step forward with the launch of the Philippine Renewable Energy Market Systems (PREMS) at the Shangri-la at the Fort last December 17, 2019.
Attended by the top officers of the Department of Energy (DoE) led by Secretary Alfonso Cusi along with Undersecretary William Fuentebella, chairperson of the Development for Renewable Energy Applications Market Mainstreaming and Sustainability (DREAMS) Project, the event formally pushes forward support, development, utilization and commercialization of renewable energy in the Philippines.
As the backbone of all these, PREMS will be the online platform to manage registrations, contracts, and trading of RE energy certificates. PREMS will also play a significant role in monitoring electric power industry participants including generation companies, distribution utilities, electric cooperatives, and suppliers of electricity in their compliance with the Renewable Portfolio Standard (RPS). This standardization mandates energy institutions to source a fraction of their energy requirements from RE. PREMS will also oversee the industry participants’ adherence to policy mechanisms under the Renewable Energy Law.
According to Secretary Cusi, the presence of PREMS in the process will create stronger partnerships among industry players and consumers with varying interests, especially in this age of innovation and digitization.
Apart from the DoE, the development of the renewable energy market system is a partnership with the United Nations Development Program (UNDP) and the Global Environment Facility (GEF) DREAMS Project.
DREAMS is co-implemented with the Philippine Electricity Market Corporation (PEMC) with software and hardware solutions provided by Exist Software Labs, whose team is led by CEO Mike Lim and COO Chriss Silerio who were also present to provide active support for the system’s go-live activity.