PSALM board to review trading processes in WESM
Monday, October 16, 2006
Pursuant to the instruction of President Gloria Arroyo, members of the Board of the Power Sector Assets and Liabilities Management Corporation (PSALM) will conduct internal review of PSALM’s trading structure and processes in the Wholesale Electricity Spot Market (WESM).
The PSALM board members put to task by the President are the Departments of Finance (DoF), Energy (DoE), Trade and Industry (DTI), Justice (DoJ), and the National Economic Development Authority (NEDA).
The DoE said though that internal review by the members of the PSALM Board is meant to reinforce and not intended to preempt the ongoing independent investigation being carried out by the Market Surveillance Committee (MSC).
In addition, pursuant also to the instructions of the President to ensure credible, independent and transparent investigation, Energy Secretary Raphael Lotilla disclosed the identities of the members of the MSC.
The current members of the MSC are Danilo P. Mercado, Sr., Peter Leslie Wallace, Rolando A. Danao and Fernando A. Dumuk.
With his technical expertise on the operation of transmission and distribution systems, and various types of power plants, Mercado has developed effective governance mechanisms that would help the MSC to focus and execute effective multifaceted tasks.
A licensed Electrical Engineer and a lifetime Member of the Institute of Integrated Electrical Engineers, he had been a Department Manager, Area Manager and Head of the Trading Mechanism Group of the National Power Corporation (NPC) from 1977 to 2000.
He also served as Consultant from 2001 to 2003 to National Transmission Corporation, Energy Regulatory Commission, and the DoE in matters pertaining to the WESM Rules and its harmonization with the Grid and Distribution codes and subsequent Rules revision.
Gifted with keen business sense, Wallace has developed the methodology for building cost-effective and well-controlled business processes.
A career as Regional Manager led him to the Philippines in 1975 where he first ran three multinational companies before founding in 1982, the Wallace Business Forum, Inc.
Spending his over 30 years in the Philippine business community, he continuously provides consulting services to multinational corporations and aid agencies, and deals successively with the Philippine government on foreign investment and policies affecting business.
Dr. Danao is a Professor Emeritus at the University of the Philippines (UP) where he has been teaching Mathematical Economics and Econometrics.
He received his B.S. Geodetic Engineering from the U.P., his PhD in Mathematics from the University of California at Berkeley, and did post-doctoral work in Econometrics at the University of Pennsylvania.
Drawing from his experience of dealing in the electrical industry, Dumuk has gained expertise in the design, assembly, supply, and installation of power distribution products and system.
It was in the Asea Brown Boveri, Inc. where he gained experience in finance, engineering, and marketing of power distribution and substation equipment, and where he occupied the positions of Vice President of Finance and Administration, as well as Vice President of Industry Division.
The MSC is tasked primarily to monitor and assess the trading activity of WESM participants to ensure efficiency and fair competition in the market.
posted by philpower @ 8:52 AM,
