‘The full commercial operations of the Reserve Market is a significant step forward for the energy sector. This will bring efficient dispatch of all available capacities by co-optimizing the capacity and price offers for energy and reserve to ensure that the required levels for both services are always met.’
After years of waiting, the power Reserve Market went into full operation on Friday, ensuring a stabilized grid, the Department of Energy announced.
The full operation will allow power generation companies to offer and sell ancillary services to the National Grid Corporation of the Philippines, the country’s system operator and sole buyer of reserves, even without an ancillary service procurement agreement.
Reserves, commonly referred to as AS, are services needed to maintain balance in the power system to ensure normal frequency and voltage levels in response to demand changes, variability of renewable energy, and possible loss of a large generating unit.
The Reserve Market, Integrated into the Wholesale Electricity Spot Market, or WESM, aims to co-optimize energy and reserves, which may result in optimal schedules and prices for energy and reserve requirements, fostering competition and affordability while ensuring grid security and reliability.
“The full commercial operations of the Reserve Market is a significant step forward for the energy sector. This will bring efficient dispatch of all available capacities by co-optimizing the capacity and price offers for energy and reserve to ensure that the required levels for both services are always met,” Energy secretary Raphael Perpetuo Lotilla said.
The Secretary added that this development will enable the NGCP, as the country’s System Operator and sole buyer of reserves, to fully comply with its mandate of ensuring that sufficient reserves are available and can be immediately dispatched whenever needed.
To ensure that the WESM co-optimizing energy and reserves will maintain and enhance a competitive environment where transparency and accountability prevail.
In coordination with the Energy Regulatory Commission, Philippine Electricity Spot Market Corporation, Independent Electricity Market Operator of the Philippines, NGCP and other relevant stakeholders, the DOE will closely monitor the energy and reserves market operations.
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