THE TORCH IS PASSED: Department of Energy (DOE) Secretary Alfonso G. Cusi turns over the Chairmanship of the Philippine Electricity Market Corporation (PEMC) to Mr. Noel V. Aboboto, upon the latter's unanimous election during today's PEM Board meeting. This is a vital step towards the full independence of the country's electricity market, where PEMC will stand as its governing body and the DOE will maintain policy oversight.

ORTIGAS CENTER, QUEZON CITY – Energy Secretary Alfonso G. Cusi turned over the Chairmanship of the Philippine Electricity Market Corporation (PEMC) to Mr. Noel V. Aboboto, who was unanimously elected by the new members of the PEM Board today.

The Secretary said, “We welcome the election of Mr. Aboboto as the new PEMC Chair. Great strides have been made this week in finally fulfilling EPIRA’s vision for the institutionalization of a truly independent market operator (IMO). From the very beginning, we were clear that we would pave the way for the market’s self-governance. I am happy to see it come to fruition and I sincerely hope that the IMO and PEMC would serve both the energy industry and the consuming public well in the years to come.”

Upon Mr. Aboboto’s election, Secretary Cusi immediately gave him the floor to preside over the rest of the PEM Board meeting.

In addition to Aboboto’s election as chairman, independent director Atty. Oscar E. Ala was elected as PEMC’s president, while Elenita Go of SMC Global Power was voted as the treasurer.

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