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WITH a
view to helping spur power rate reductions, Energy
Secretary Angelo T. Reyes said Friday that the
Department of Energy will review the privatization
schedule for the electric power industry and possibly
accelerate it.
“It is
now the right time to review the privatization schedules
ahead of us, not to alter them necessarily, but
certainly to accelerate them,” Reyes said in a meeting
of power industry stakeholders at the Edsa Shangri-La
Plaza Hotel.
The
energy czar said his mandate for the electricity
industry is “simple —to ensure security and
self-sufficiency of the country’s power supply, now and
in the future. It is a new industry now and it must be
ready to change its ways.”
Reyes
said new capacity in power generation, “while it must be
planned now,” will become a priority to build only after
the privatization is completed. “What is more important
is to put in place a fair and level playing field for
new investors to ensure long-term sustainability of
supply. True energy security lies in a vibrant and
competitive market,” he added.
The
secretary added: “Only by our vigorous and single-minded
pursuit of these reform objectives can we ensure secure
and sufficient power supply for the next generation of
Filipinos, and once and for all say goodbye to our fears
that the
Philippines will
not have the power to make a brighter future.”
He said
the Philippine Electricity Market Corp. (PEMC), operator
of the Wholesale Electricity Spot Market (WESM), is a
bold move in the electricity reform market, and
congratulated the officers and members of WESM and the
PEMC “for their smooth and transparent functioning of
the competitive market with a state-of-the-art
technology.”
“The
WESM provides the level playing field for all market
participants. Generators are given equal opportunities
to profit within the discipline of a competitive market,
while buyers are given the choices of multiple sources,”
he added.
Reyes
stressed that President Arroyo is committed to ensuring
that consumers will benefit from electricity industry
reforms. For the consumers to reap the benefits of an
open and competitive marketplace, however, a good and
strong governance and risibility with the new
institution is a must.
“Our
commitment to Filipino consumers and businesses is to
remain focused on making the energy sector a center of
excellence and protector of public interest, and we will
achieve this objective in partnership with the private
sector and businesses,” said the energy chief. |
