The Philippines officially launches the trading of Renewable Energy Certificates (RECs) on December 26th, marking the full commercial operation of the Renewable Energy Market (REM). RECs represent one megawatt-hour of electricity generated from renewable sources like solar, wind, and hydro. The REM facilitates trading to help participants meet their renewable energy compliance obligations under the Renewable Portfolio Standards (RPS). This initiative supports the country's clean energy transition goals of achieving 35% renewable energy in power generation by 2030 and 50% by 2040.
THE trading of Renewable Energy Certificates will officially commence on December 26, marking the full commercial operation of the Renewable Energy Market , the Department of Energy announced Monday.
The REM provides a platform for trading these certificates, enabling participants to meet their renewable energy compliance obligations under the Renewable Portfolio Standards . The RPS, meanwhile, requires distribution utilities , electric cooperatives and retail electricity suppliers to source 2.5 percent of their energy supply from eligible RE resources. Under existing rules, renewables should account for at least 11.4 percent of the total energy sales of mandated participants.
He stressed that the REM is a cornerstone mechanism under the Renewable Energy Act of 2008, designed to drive the development of renewable power projects and bolster the country’s transition to clean energy. The initiative aligns with the government’s ambitious RE targets of achieving at least 35 percent in the power generation mix by 2030 and 50 percent by 2040.
The DOE projects that REC trading will significantly contribute to meeting RPS requirements and stimulate growth in RE capacity.
Renewable Energy Recs Renewable Energy Market Renewable Portfolio Standards Clean Energy Transition
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