=== dc2024-10-0030-pages-01.ppm === Republic of the Philippines DEPARTMENT OF ENERGY (Kagawaran ng Enerhiya) BAGONG PILIPINAS DEPARTMENT CIRCULAR NO. 9C-2024— tas COB. > ADOPTING FURTHER AMENDMENTS TO THE WHOLESALE ELECTRICITY SPOT MARKET (WESM) RULES AND WESM MANUALS ON DISPATCH PROTOCOL AND MARKET SURVEILLANCE REGARDING REFINEMENTS TO PROCEDURES DURING MARKET INTERVENTION/MARKET SUSPENSION WHEREAS, Sections 30 and 37(f) of the Electric Power Industry Reform Act (EPIRA) provide that the DOE, jointly with the electric power industry participants, shall establish the Wholesale Electricity Spot Market (WESM) and formulate the detailed rules governing the operations thereof; WHEREAS, on 28 June 2002, the DOE, with the endorsement of the electric power industry participants, promulgated the WESM Rules through Department Circular (DC) No. DC2002-06-003; WHEREAS, any changes, amendments, and modifications to the WESM Rules including its Market Manuals shall be undertaken in accordance with the provisions of Chapter 8 thereof; WHEREAS, Clause 6.9.4 of the WESM Rules and Clause 16.3.3 of the WESM Manual on Dispatch Protocol mandate the Market Surveillance Committee to perform an assessment of the Market Intervention (MI)/Market Suspension (MS) and submit a report; WHEREAS, the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance provide, among others, the responsibilities of and procedures to be followed by relevant entities during MI and MS; WHEREAS, on 23 December 2022, the National Grid Corporation of the Philippines (NGCP) submitted proposed amendments to said WESM documents to update the System Operator’s procedures for re-dispatch implementation, submission of system advisories and significant incident reports, and MI/MS. WHEREAS, on 17 March 2023, the Market Surveillance Committee (MSC) submitted proposed amendments to said WESM documents to: (i) Enhance the procedures for the declaration of MI/MS and the processes thereafter to streamline the assessment undertaken by the MSC on these implementations and activities undertaken by the System Operator (SO) and Market Operator (MO); and (ii) Clarify the categorization of the events as Transmission System-related events or Market System-related events. Energy Center, Rizal Drive cor. 34th Street, Bonifacio Global City, Taguig City, Philippines 1632 Tel. No. (Trunkline) (632) 8479-2900 Website: http://www.doe.gov.ph; Email: infocenter@doe.gov.ph === dc2024-10-0030-pages-02.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 2 of 15 WHEREAS, on 06 June 2023 and 14 February 2024, the PEM Board-approved amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance were submitted to the DOE for final approval, in compliance with Chapter 8 of the WESM Rules; WHEREAS, the DOE, to ensure transparency and consistency with the objectives of the EPIRA and the WESM, conducted public consultations on said proposed amendments, WHEREAS, the DOE reviewed and finalized said PEM Board-approved proposals and made revisions thereto, taking into consideration the comments and recommendations received from the stakeholders, NOW THEREFORE, after careful review of the PEM Board-approved proposals and the comments and recommendations received on the same, the DOE, pursuant to its authority under the EPIRA and the WESM Rules, hereby adopts, issues, and promulgates the following amendments to the WESM Rules and WESM Manual on Dispatch Protocol: Section 1. Amendments to the WESM Rules. The following provisions of the WESM Rules are hereby amended to read as: 6.2.1 Preparation and Responses XXX XXX XXX 6.2.1.2 Grid Security-Related Intervention by the System Operator is warranted when the grid or a portion of the grid is in the alert or emergency state condition as established in the Grid Code arising from: (a) an emergency condition or a threat to system security as adverted to in Clause 6.5.2: or (b) an event of force majeure. 6.2.1.3 Market System-Related Intervention by the Market Operator may also be warranted if there is an interruption in the operations of the Market: (a) due to the failure of the market software to produce an implementable Real-Time Dispatch (RTD) schedule; (b) during: the simulation of the business continuity plan and disaster recovery procedures of the Market Operator developed under Clause 6.8.1.1; or (c) due to an event of force majeure. === dc2024-10-0030-pages-03.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 3 of 15 XXX XXX XXX 6.2.2 Exemption from Liability Due to Market Suspension and Market Intervention 6.2.2.1 In the event of a market suspension or market intervention, any action of the ERC, Market Operator, System Operator, or a WESM Participant in compliance with the emergency procedures provided in this Chapter shall not constitute a breach of the WESM Rules, except in the case of an act committed in bad faith or gross negligence, and said parties shall not be liabie for any loss incurred by a WESM Participant as a result of any action taken by the System Operator, the Market Operator, or the ERC under this Chapter 6. XXX XXX XXX 6.2.3 Administered Price During market suspension and market intervention, the Market Operator shall impose the computed administered price as provided in the Market Manual on Price Determination Methodology, to be used as the basis for settlements. 6.3 EMERGENCIES 6.3.1 Emergency - 6.3.1.1 The System Operator shall give emergency instructions when it determines the existence of a situation that has an adverse material effect on the electricity supply or which poses a significant threat to system security. XXX XXX XXX 6.3.2 Emergency Procedures XXX XXX XXX 6.3.2.2 Emergency procedures are the processes or steps to be taken by or at the direction of the System Operator to: (a) Maintain system security; (b) Avert or reduce the effect of an emergency; (c) Issue notifications and warnings to the Market Operator, the PEM Board, the DOE, and the ERC where appropriate; and (d) Restore the power system to a satisfactory operating state immediately after an emergency. XXX XXX XXX === dc2024-10-0030-pages-04.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 4 of 15 6.5 RESPONSE TO AN EMERGENCY XXX XXX XXX 6.5.2 Market Intervention due to Emergency Condition or Threat to System Security 6.5.2.1 If the Svstem Operator determines that, insufficient time exists for the spot market to address an emergency condition or eliminate a threat to system security, the System Operator shall take any or all measures it considers to be reasonable and necessary to overcome the emergency, including but not limited to the following: (a) Increase or decrease the generation or supply capability such as issuance of emergency instructions to all available but not committed generating units to start-up, shutdown, cancel generating units on testing or recall transmission equipment outages; (b) Disconnect one or more connection points as considered by the System Operator to be necessary; (c) Direct, in accordance with clause 6.5.1, a Customer to take such steps as are reasonable to immediately reduce its load; (d) Constrain-on or constrain-off a Generation Company; and (e) Require WESM Participants to do any reasonable act or thing, which the System Operator believes necessary in the circumstances. Thereafter, the System Operator shall provide a report in detail in accordance with clauses 6.6.2.2 and 6.6.5.2. 6.6 SYSTEM SECURITY 6.6.1 System Security and Reliability Guidelines 6.6.1.1 In consultation with WESM Participants and the Market Operator, the System Operator shall develop and periodically update the system security and reliability guidelines, subject to the approval of the PEM Board and the subsequent promulgation of the DOE. XXX XXX XXX 6.6.2 Notice of Declaration of Market Intervention 6.6.2.1 Upon determination of the existence of an alert or emergency state, the _ System Operator, in coordination with the Market Operator, may declare market intervention. === dc2024-10-0030-pages-05.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 5 of 15 The Market Operator shall inform the WESM Participants of an alert warning notice from the System Operator and/or declaration of market intervention. If arising from a force majeure event, as contemplated above, that also affects the security of the grid, the Market Operator may likewise declare a Market System related-intervention, in coordination with the System Operator. 6.6.2.2 The System Operator (for grid security-related events) and Market Operator (for market system-related events) shall submit the final market intervention report, within fifteen (15) working days, to the Market Surveillance Committee, Market Operator, DOE, and ERC, after the resumption of the spot market. Said report shall include the details relative to the market intervention, as follows: (a) the reason for the declaration of market intervention; (b) the number of trading intervals affected by the intervention; (c) the actions done to address the threat to system security; (d) the actual dispatch of all generating units per interval affected.; and (e) recommendation(s) to avoid the recurrence of the event, XXX XXX XXX 6.6.2.5 The System Operator, in coordination with the Market Operator, shall initiate market resumption if the emergency condition or threat to system security has ended. The Market Operator shall inform the WESM Participants of the market resumption. XXX XXX XXX 6.6.5 Market Intervention Due to System Security Threat XXX XXX XXX 6.6.5.2 Within fifteen (15) working days after market resumption, as specified in Clause 6.6.2, the System Operator shall prepare the final market intervention report to be submitted to the Market Surveillance Committee, DOE, and ERC regarding the actions and circumstances under which the market intervention was made. XXX XXX XXX === dc2024-10-0030-pages-06.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 6 of 15 6.7 FORCE MAJEURE ° 6.7.1 Force Majeure Event A force majeure is the occurrence of an event or events in the grid and in a dispatch interval that is/are not within the reasonable control, directly or indirectly, of the System Operator, Market Operator, and WESM Member, to the extent that such event, despite the exercise of the reasonable diligence, cannot be or be caused to be prevented, or removed and has resulted in a reduction in the normal capacity of part or all of the power system during that dispatch interval and such reduction is likely to materially affect the operation of the spot market or materially threaten system security. ~ XXX XXX XXX 6.9 MARKET SUSPENSION XXX XXX XXX 6.9.2 Declaration and Lifting of Market Suspension XXX XXX XXX 6.9.2.6 The System Operator (for grid security-related information) and Market Operator (for market system-related information) shall submit the final market suspension report, within fifteen (15) working days to the Market Surveillance Committee, Market Operator, DOE, and ERC, after the resumption of the spot market. Said report shall include the details relative to the market suspension, as follows: ‘ (a) the reason for the declaration of market suspension; (b) the number of trading intervals affected by the suspension; (c) the actions done to address the threat to system security; and (d) the actual dispatch of all generating units per interval affected. 6.9.3 Effect of Market Suspension 6.9.3.1. The market price during a dispatch interval in which the ERC has declared the spot market to be suspended and up to the time that the market resumes in accordance with Clause 6.9.2.4 is to be determined by the Market Operator in accordance with Clause 6.2.3. 6.9.3.2 During a dispatch interval in which the spot market is suspended, the WESM Rules will continue to apply with such modifications as the Market Operator reasonably determines to be necessary, taking into consideration the circumstances and conditions giving rise to the decision by the ERC to suspend the spot market. === dc2024-10-0030-pages-07.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 7 of 15 6.10 MARKET INTERVENTION AND MARKET SUSPENSION REPORTORIAL REQUIREMENTS BY THE MARKET SURVEILLANCE COMMITTEE 6.10.1 Market Intervention Report 6.10.1.1 Upon the concurrence of one or more of the following events: (a) An event which, in the System Operator's reasonable opinion, is or may be a threat to system security; (b) A force majeure event; or (c) An emergency. The Market Surveillance Committee, upon receipt of the System Operator (for grid security-related events) or Market Operator (for market system- related events) reports, shall investigate the circumstances of that event and prepare a report Market Intervention Report to assess: (a) The adequacy of the relevant provisions of the WESM Rules relevant to the event and its proposed amendments, if any; (b) The appropriateness of actions taken by the System Operator and/or the Market Operator in relation to the event; (c) The impact and possible costs incurred by WESM Members as a consequence of the event; and (d) Any finding of potential fault of any WESM Participant including a preliminary recommendation for further evaluation by the PEM Audit Committee. 6.10.1.2 A copy of the report prepared under clause 6.10.1.1 shall be provided to: (a) the PEM Board; (b — the Market Operator, (c) the System Operator, (d) the ERC and the DOE; and (e) WESM Participants and interested persons upon request and in accordance with the Market Manual on Information Disclosure and Confidentiality. === dc2024-10-0030-pages-08.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market intervention/Market Suspension Page 8 of 15 6.10.2 Market Suspension Report 6.10.2.1 Within ten (10) business days upon receipt of the market suspension report from the Market Operator and the System Operator following a declaration by the ERC under Clause 6.9.1.1, the Market Surveillance Committee shall review the circumstances of that event and prepare a Market Suspension Report to assess: (a) The adequacy of the relevant provisions of the WESM Rules relevant to the event and its proposed amendments, if any; (b) The appropriateness of actions taken by the System Operator and/or the Market Operator in relation to the event; (c) The impact and possible costs incurred by WESM Members as a consequence of the event; and (d) Any finding of potential fault of any WESM Participant including a preliminary recommendation for further evaluation by the PEM Audit Committee. 6.10.2.2 A copy of the report prepared under clause 6.10.2.1 shall be provided to: (a) The PEM Board; (b) The ERC and the DOE on completion of the report; and (c) WESM Participants and interested persons on request and in accordance with the Market Manual on Information Disclosure and Confidentiality. CHAPTER 11 GLOSSARY XXX XXX XXX | Financial Year. xxx Xxx Xxx Formulation. xxx xxx xxx XXX XXX XXX Section 2. Amendments to the WESM Manual on Dispatch Protocol. The following provisions of the WESM Manual on Dispatch Protocol are hereby amended to read as: === dc2024-10-0030-pages-09.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 9 of 15 2.1. Definitions XXX XXX XXX 2.1.2 The following words and phrases are used in this Market Manual and shall have the following meaning XXX XXX XXX w. National WESM Merit Order Table (WMOT). VWMOT for the interconnected grids where WESM is in operation. Upon energization of the Mindanao-Visayas Interconnection Project x. Normal State. xxx xxx xxx y. Offer. xxx Xxx XxX z. Operating Margin. xxx xxx xxx aa. Preferential Dispatch Units. xxx xxx xxx bb. Real-Time Data. xxx xxx xxx cc. Real-Time Dispatch. xxx xxx xxx dd. Red Alert. xxx xxx xxx ee. Regional WESM Merit Order Table (WMOT). WMOT for each of the grids where WESM is in operation. ff. Regulating Reserve. xxx xxx xxx gg. Security. xxx xxx xxx hh. Self-scheduled Nomination. xxx Xxx xxx ii. Shutdown. xxx xxx xxx | jj. Stability. xxx xxx xxx kk. Start-up. xxx Xxx Xxx Il. System Integrity Protection Scheme (SIPS). xxx xxx xxx mm. System Operator System Advisories. xxx xxx xxx nn. Technical Constraint. xxx xxx xxx 00. Voltage Control. xxx xxx xxx === dc2024-10-0030-pages-10.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 10 of 15 pp. Voltage instability. xxx xxx xxx qq. Voltage Sag. xxx xxx xxx XXX XXX XXX 10.1 Background XXX XXX XXX 10.1.4 The Market Operator prepares a national WMOT and regional WMOTs for each of the grids where the WESM is in commercial operation. The regional WMOT is further classified as follows: i. Luzon-Visayas WMOT — WMOT for interconnected Luzon- Visayas Grid, when the Mindanao Grid in Market Intervention or Suspension, upon energization of MVIP; ii. Visayas-Mindanao WMOT - WMOT for interconnected Visayas- Mindanao Grid, when the Luzon Grid is in Market Intervention or Suspension, upon energization of MVIP; iii. Luzon WMOT - WMOT for Luzon Grid; iv. Visayas WMOT - WMOT for Visayas Grid; and V. Mindanao WMOT - WMOT for Mindanao Grid. 10.1.5 The System Operator utilizes the national WMOT and the regional WMOT as a guide in the management of capacity sharing between grids, where WESM is in commercial operation. XXX XXX XXX 11.1 Background XXX XXX XXX 11.1.4 At any given dispatch interval, the System Operator shall issue re- dispatch instructions in accordance with the WMOT and shall make an out-of- merit dispatch when the system security is at risk. 11.1.5 Dispatch of scheduled reserves shall be in accordance with Section 23 of this Manual. XXX XXX XXX === dc2024-10-0030-pages-11.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 11 of 15 13.4 Start-up of a Generating Unit XXX XXX XXX 13.4.3 If the start-up will be deferred, the generators shall submit their new outage schedule to the System Operator prior to the original schedule of the start-up or the relevant RTD run. The System Operator shall then update the outage schedule accordingly and in-accordance with the WESM timetable for submission of outage schedules. XXX XXX XXX 16.3 Responsibilities XXX XXX XXX 16.3.3 The Market Surveillance Committee shall perform an assessment and submit a report to the PEM Board, the DOE, and the ERC containing the following: a. Adequacy of the provisions of the WESM Rules relevant to the event/s which occurred; b. Appropriateness of actions taken by the System Operator and/or the Market Operator in relation to the event/s that occurred; c. Impact and possible costs incurred by the WESM Members as a result of responding to the event/s; and d. Potential breaches by WESM Members including a preliminary . recommendation for further evaluation by the PEM Audit Committee. A copy of the report shall be furnished to the Market Operator and the System Operator for their information and reference. XXX XXX XXX 16.4 Grounds for Market Intervention and Suspension XXX XXX XXX 16.4.2 Grounds for Market Intervention. Grid Security-related market intervention is permitted in WESM Rules Clause 6.2.1.2 when the grid or a portion of the grid is in an Alert or Emergency state arising from (a) an emergency or a threat to system security, or (b) an event of force majeure. Market System-related intervention may also be warranted if there are interruptions in the operations of the Market: === dc2024-10-0030-pages-12.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 12 of 15 (a) Due to the failure of the market software to produce an implementable Real-time Dispatch (RTD) schedule; (b) Due to an event of force majeure; or (c) During the business continuity plan and disaster recovery procedures of the Market Operator developed under WESM Rules Clause 6.8.1.1. If arising from force majeure events, as contemplated above that also affect the security of the grid, the Market Operator may likewise declare a market intervention, in coordination with the System Operator. XXX XXX XXX 16.5 Declaration of Market Suspension or Market Intervention XXX XXX XXX 16.5.2 Declaration of Market Intervention. Market intervention may be declared by the System Operator or the Market Operator, in accordance with the relevant Clauses of Chapter 6 of the WESM Rules. a. Where the event that may result in intervention originates from market operations or is due to market failure, the Market Operator shall assess the situation and immediately advise the System Operator of the need to intervene in the WESM. b. Where the event that may result in market intervention originates from the operation of the System Operator or pertains to the grid, the System Operator shall assess the situation and immediately advise the Market Operator of the need for market intervention. c. The Market Operator or the System Operator shall notify the ERC and the DOE that an emergency or force majeure event has occurred that may lead to market intervention, and if possible, the notice shall indicate the expected duration of the same. The responsibility for giving such notice shall depend on the source or origin of the event. 16.5.3 Regional Declaration of Market Intervention and Market Suspension. Where the event that gives rise to the declaration of market intervention occurs in one grid and does not affect the other grid/s, the System Operator or the Market Operator shall declare market intervention in the affected grid only (i.e., regional declaration). Similarly, the System Operator or the Market Operator may recommend to ERC the regional declaration of market suspension. . XXX XXX XXX === dc2024-10-0030-pages-13.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 13 of 15 16.8 Market Resumption 16.8.1 Market Resumption after a Market Suspension. If the cause of the market suspension is the occurrence of a natural calamity, the Market Operator or the System Operator may recommend to the ERC the lifting of the market suspension if the effects of the calamity on the market or the grid have already been resolved. When the ERC lifts the suspension of the market, the operations of the market will resume at the specific dispatch interval prescribed by the ERC, which may come from the recommendation of the Market Operator in coordination ‘with the System Operator considering the preparations necessitated by the participants in complying with market-based instructions. 16.8.2 Market Resumption after Market Intervention. Once the conditions that triggered the market intervention have been resolved, the market intervention shall be lifted by the System Operator or the Market Operator. a. Ifthe event that gave rise to the market intervention pertains to market failure or market operations, the Market Operator shall immediately notify the System Operator that the condition has already been resolved and initiate the lifting of the intervention. b. Ifthe event that gave rise to the market intervention pertains to the grid or the operations of the System Operator, the System Operator shall immediately notify the Market Operator that the condition has already been resolved and that it is lifting the declaration of market intervention. XXX XXX XXX 16.10 Report on Market Intervention or Market Suspension 16.10.1 Within fifteen (15) working days from market resumption, the System Operator and/or the Market Operator shall prepare and submit to the Market Surveillance Committee, the ERC, and the DOE the final detailed report containing, as a minimum, the following information: a. Description of the circumstances that gave rise to the market intervention or market suspension, b. Steps taken to maintain operations, and, in case of intervention, the steps taken to correct the situation; and Cc. Conclusions and recommendations for avoiding similar market intervention in the future. 16.10.2 In accordance with WESM Rules Clauses 6.10, the Market Surveillance Committee shall render to the PEM Board, DOE, and the ERC a report on the market intervention or market suspension containing its assessment of the following: === dc2024-10-0030-pages-14.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 14 of 15 a. The adequacy of the relevant provisions of the WESM Rules in relation to the event or events that occurred; b. The appropriateness of the actions taken by the System Operator and/or the Market Operator in relation to the event or events that occurred; c. The impact and possible costs incurred by the WESM Members as a consequence of responding to the event or events.; and d. Potential breaches by WESM Members including a preliminary recommendation for further evaluation by the PEM Audit Committee. = 3 A copy of the report shall be furnished to the Market Operator and the System Operator for their information and reference. 16.10.3 The Market Operator and the System Operator shall use Appendix H. Market Intervention/Suspension Report Template for the submission of their respective complete report(s) to the Market Surveillance Committee. Section 3. Amendments to the WESM Manual on Market Surveillance. The following provisions of the WESM Manual on Market Surveillance are hereby amended to read as: 5.3 REVIEW OF MARKET INTERVENTION XXX XXX XXX 5.3.3 Upon receipt of the final report from the Market Operator and/or the System Operator, the Market Surveillance Committee shall conduct a review and shall prepare a Market Intervention Report, which shall include: a) All data and information regarding the event, including those provided by the System Operator or the Market Operator, b) Assessment and recommendations, as applicable, on: (i) | The adequacy of the provisions of the WESM Rules relevant to the event, and its proposed amendments, if any; (ii) The appropriateness of actions taken by the System Operator and/or Market Operator in relation to the event; (iii) | The impact and possible costs incurred by WESM Members as ~ a consequence of the event; and (iv) Potential breaches by WESM Members including a preliminary recommendation for further evaluation by the PEM Audit Committee. , === dc2024-10-0030-pages-15.ppm === DC on Adopting Further Amendments to the WESM Rules and WESM Manuals on Dispatch Protocol and Market Surveillance regarding Refinements to Procedures During Market Intervention/Market Suspension Page 15 of 15 XXX XXX XXX 5.3.6 The Market Surveillance Committee’s Market Intervention Report shall be submitted to the PEM Board for review and approval, provided that the report shall be submitted within thirty (30) working days after the MSC has received the final report from the Market Operator and/or the System Operator. XXX XXX XXX 5.4 REVIEW OF MARKET SUSPENSION 9.4.1 Within ten (10) business days upon receipt of the final report from the Market Operator and/or System Operator following a declaration of Market Suspension by the ERC under Clause 6.9.1.1 of the WESM Rules, the Market Surveillance Committee shall review such declaration and prepare a Market Suspension Report to assess: a) The adequacy of the relevant provisions of the WESM Rules in relation to the event or events that occurred; b) The appropriateness of actions taken by the System Operator and/or the Market Operator in relation to the event or events that occurred; Cc — The impact and possible costs incurred by WESM Members as a consequence of responding to the event or events; and d — Potential breaches by WESM Members including a preliminary recommendation for further evaluation by the PEM Audit Committee. XXX XXX XXX Section 4. Separability Clause. If for any reason, any section or provision of this Circular is declared unconstitutional or invalid, such parts not affected shall remain valid and subsisting. Section 5. Repealing Clause. Except insofar as may be manifestly inconsistent herewith, nothing in this Circular shall be construed as to repeal any mechanisms already existing or responsibilities already provided for under existing rules. Section 6. Effectivity. This Circular shall take effect fifteen (15) days following its complete publication in at least two (2) newspapers of general circulation. A copy of this Circular shall be filed with the University of the Philippines Law Center — Office of the National Administrative Register. Issued on this 0cT 0 7 2024 at the DOE, Energy Center, Rizal Drive, Bonifacio Global City, Taguig City, Metro Manila.