It was declared that the Philippines would start trading renewable energy certificates (RECs) on December 26, 2024. The Renewable Energy Market (REM) will supply the platform for trading RECs, and this is based on “Department Circular No. 2024-12-0031: Declaration of the Full Commercial Operations of the Renewable Energy Market.” As to the announcement made by the Philippine Department of Energy (DOE), it is anticipated that roughly 285 power providers, power distribution firms, end consumers, etc. will have registered with the REM by December 2024.

About Renewable Energy Certificates (RECs)

For every megawatt-hour (MWh) of electricity produced by qualified renewable energy facilities—such as solar, wind, hydro, geothermal, and biomass—RECs are granted. They are being introduced in the Philippines as a key tool for reaching the goals established under the Renewable Portfolio Standards (RPS) system.

The RPS system in the Philippines

Distribution utilities (DU), among others, are required to participate in the RPS, a system that requires electricity providers to use a specific percentage or more of renewable energy sources in order to encourage the introduction of renewable energy. The goal is to supply 11.4% of the country’s total electricity demand with renewable energy by 2024.

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