Signed on October 24, 2014

WHEREAS, the WESM Tripartite Corrm1ittee was created on 02 June 2006, composed of the Department of Energy (DOE), the Energy Regulatory Commission (ERC) and the Philippine Electricity Market Corporation (PEMC) to coordinate efforts for the monitoring of price volatilities and setting of market mitigation or pre-emptive measures to be implemented in the Philippine Wholesale Electricity Spot Market (WESM);

WHEREAS, pursuant to its authority, on 09 June 2006, the WESM Tripartite Committee adopted the implementation of a bid cap, or otherwise referred to as WESM Offer Price Cap of PhP62,000 per megawatt-hour (M\IVh), equivalent to PhP62.00 per kilowatt-hour (kWh);