The Energy Regulatory Commission (ERC) approved a budget of P24.26 million for the Interim Mindanao Energy Market (IMEM), which aims to alleviate the power supply shortage in Mindanao. The amount is lower than the P34.26 million that the Philippine Electricity Market Corp. (PEMC) applied for. PEMC said the budget would be spent for pre-operating expenses, capital expenditures and consultancy services. “The ERC granted PEMC’s proposed budget, except the P20 million for consultancy services, which it reduced by half, pending submission of the supporting documents to justify this expenditure,” said the commission. PEMC needs to secure ERC’s approval because it would source the amount from unused market fees, which, according to rules, must be given back to customers.
