The Renewable Energy Market (REM) officially began full commercial operations on 26 December 2024, following the Department of Energy's (DOE) issuance of Department Circular No. 2024-12-0031, titled "Declaration of the Full Commercial Operations of the Renewable Energy Market." Following the same, the Independent Electricity Market Operator of the Philippines (IEMOP) started carrying out the RE Registrar functions.
The REM is a venue for trading Renewable Energy Certificates (RECs) which are market-based instruments representing renewable and environmental attributes of one (1) MWh of power generation from duly registered eligible Renewable Energy (RE) facilities. The RECs are issued to and traded between Market Participants for them to meet their Renewable Portfolio Standards (RPS) obligations. The RPS refers to the policy established under the Renewable Energy Act of 2008 requiring Mandated Participants to source a portion of their energy supply from renewable energy.
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