The operator of the Philippines? wholesale electricity spot market (WESM) has partnered with a software company, helping the platform take another step towards full automation of its processes.
Using its Central Registration and Settlement System (CRSS) ? an enterprise application developed by Exist Software Labs Inc. ? buyers, sellers, and traders of electricity will enjoy enhanced processes such as registration, metering, billing and settlement, Exist said in a statement.
The new enterprise system will facilitate timely and updated participants? registration and trading information, making the market ? and transactions ? more competitive and transparent.
CRSS was designed and developed premised on the enhanced WESM Rules that is based on a 5-minute dispatch interval. It is linked to the New Market Management System (NMMS) to collect data on prices and schedules which will be used in the settlement process.
?We?re excited to present our stakeholders the first glimpse of CRSS so they can see for themselves how we?re leveraging technology to upgrade our operations,? for driving efficiency and one that will benefit the entire electricity-consuming populace as well,? explained PEMC president Melinda Ocampo.
With CRSS, PEMC enables timely supplier switching process of contestable customers under the retail competition regime possible while facilitating data exchange between the Market Operator and the trading participants.
With trial operations of the WESM ongoing in Mindanao, PEMC with technology partner, Exist, continues to pursue and drive market efficiency through innovation to reduce time required for several market processes in the trading of power commodity.
?As the technology partner of PEMC, Exist is committed behind developing an advanced platform that promotes transparent transactions, enhance competition and efficiently drive down electricity costs,? shared Michael Lim, president and CEO of Exist.