DOE Examines Linkage of Power Markets to Stock Exchanges

Manila Bulletin, January 22, 2018 | Go to article overview

DOE Examines Linkage of Power Markets to Stock Exchanges


By Myrna M. Velasco

Before rendering any decision to the proposal of the Philippine Stock Exchange (PSE) to take over the operations of the Wholesale Electricity Spot Market (WESM), Energy Secretary Alfonso G. Cusi told reporters that they will carefully examine first the amalgamation of power spot markets to that of stock exchanges as may have been done in other jurisdictions.

"I have the responsibility to look at that...I am benchmarking also as to how the other countries are doing it," the energy chief said.

He mentioned that initial scrutiny being done by the DOE is that of Tokyo Commodity Exchange, Inc. (TOCOM), Japan's one-stop marketplace for trading of commodities and financial products, such as futures or derivatives transactions.

Nevertheless, for that country's day-ahead and intra-day auction of power capacities, this is still done under the Japan Electric Power Exchange (JEPX).

TOCOM is a fusion of J-Gate (Japan Global Access Trading Engine), which is Osaka's trading system for derivatives; and that of JPX or the Japan Exchange Group which operates Japan's multiple securities exchanges, including those of Tokyo Stock Exchange and Osaka Securities Exchange.

That was formed in 2013 and followed the business model on trading system of derivatives instituted by NASDAQ stock market of the United States, the second largest exchange in the world by market capitalization, next to the New York Stock Exchange.

As noted by energy experts, what is apparent actually in experiences of various countries is the merger of the two markets when it comes to derivatives transactions and as 'futures market' of commodities.

Cusi said firming up the study on the PSE proposal is being pursued parallel to the incorporation of the Independent Market Operator (IMO) being pushed for the country's WESM, that based on the energy chief's assessment would likely be completed June this year. "According to the timeline that we discussed, we're going to realize the IMO by June, 2018," he said.

Data furnished to Manila Bulletin show that aside from TOCOM and NASDAQ though, most of the power spot markets and stock exchanges worldwide still thrive separately on their classified functions. …

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