Declaring the Interim Commercial Operations of the Renewable Energy Market, Department of Energy Department Circular No. DC 2022-06-0019 (Philippines)

The Interim Commercial Operations of the Renewable Energy Market (REM) is declared but shall not yet involve financial transaction. The Circular enumerates the responsibilities and functions of the Renewable Energy Registrar which include:

• Overseeing and facilitating the registration of participants.
• Conducting REM awareness activities through trainings and lectures.
• Issuing the Renewable Energy Certificates (RECs), among others. 

RECs are generated corresponding to the metered generation of Renewable Energy facilities which are eligible for Renewable Portfolio Standards compliance and shall be valid for three years from the date the REC was issued. The Department of Energy has the discretion to allow mandated participants to carry-over any compliance shortfall for a period of three years based on the conditions enumerated in the Circular.