Pimentel questions transfer of assets to IEMOP in energy spot market

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10/21/2021 4:20:00 PM

Pimentel, a former Senate President and a bar topnotcher, said that while IEMOP was incorporated as a non-stock, non-profit entity, the transfer of assets could allow them to acquire millions or billions of assets of the market operator.

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Senator Aquilino “Koko” Pimentel III on Thursday, Oct. 21 questioned the transfer of assets of the market operator in energy sector to Independent Electricity Market Operator of the Philippines Inc. (IEMOP).Pimentel, a former Senate President and a bar topnotcher, said that while IEMOP was incorporated as a non-stock, non-profit entity, the transfer of assets could allow them to acquire millions or billions of assets of the market operator.

Department of Energy (DOE) Secretary Alfonso Cusi said the IEMOP would not get to own the assets of Philippine Electricity Market Corporation (PEMC).Pimentel pointed out that Section 30 of Republic Act 9136, or the Electric Power Industry Reform Act (EPIRA) provides that “an independent entity shall be formed, and the functions, assets and liabilities of the market operator shall be transferred to such entity…”

Cusi assured Pimentel that the DOE would revisit the law, particularly on the transfer of assets from PEMC to IEMOP.Pimentel made the manifestation during Thursday’s hybrid hearing of Finance sub-committee E October 21, 2021, on the proposed DOE. Read more: Manila Bulletin News »

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