Quezon city: A comprehensive operational framework has been established for the implementation of the Feed-in Tariff Allowance (FIT-All) and the Green Energy Auction Allowance (GEA-All) funds and the collection and remittance of the Wholesale Electricity Spot Market (WESM) proceeds. This development follows the signing of a memorandum of agreement (MOA) by National Transmission Corp. (TransCo) President and Chief Executive Officer Joseph Omar Castillo and Independent Electricity Market Operator of the Philippines, Inc. (IEMOP) President and Chief Executive Officer Robinson Descanzo. The signing took place on Wednesday at the TransCo main office in Quezon City.

According to Philippines News Agency, TransCo issued a statement on Thursday highlighting that the framework emphasizes the agencies' roles in ensuring efficient implementation of renewable energy support mechanisms. Under the Renewable Energy Market (REM) rules, TransCo is designated as the fund administrator for both the FIT-All and the GEA-All. It is mandated to provide necessary data for FIT allocation and support the issuance and verification of Renewable Energy Certificates (RECs).

TransCo stated that the MOA enhances coordination and information sharing between TransCo and IEMOP to ensure transparency, accuracy, and compliance in the implementation of the country's renewable energy programs. The partnership underscores the shared commitment of TransCo and IEMOP to strengthen institutional collaboration, promote transparency and accountability in the administration of renewable energy funds, and ensure effective implementation of the country's renewable energy policies. Through this collaboration, both organizations aim to support the Philippines' transition toward a cleaner, sustainable, and resilient energy future.