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PIA Press Release
2006/11/24

Prevent repeat of power price manipulation - Arroyo

Quezon City (24 November) -- PRESIDENT Gloria Macapagal-Arroyo has ordered the Department of Energy to step up monitoring of the Wholesale Electricity Spot Market (WESM) to prevent the recurrence of price manipulation, Press Secretary Ignacio Bunye said Thursday.

"The President will take into consideration the recommendation of the Philippine Electricity Market Corp. (PEMC) and act on the basis of public interest," Bunye said.

"Free competition is still the best way of establishing prices and we will continue to strengthen this mechanism even as the government pursues the privatization of power assets," he added.

PEMC, the operator of WESM, found the state-run Power Sector Assets and Liabilities Management Corp. guilty of deliberately engaging in "anti-competitive behavior" in the spot market, which led to a spike in prices. (PIA) [top]

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