MANILA, Philippines - The Energy Regulatory Commission (ERC) approved a P24 million budget to organize the electricity market in Mindanao, which they hope will ease the supply problem there.

The ERC has allowed the Philippine Electricity Market Corp. to use excess funds to form the Interim Mindanao Energy Market (IMEM).

The IMEM will allow power generating companies to sell uncommitted energy to electric cooperatives that need it.

They expect power generators to put 360 megawatts on the market.

The government targets to make IMEM operational next month before summer produces the usual spike in demand. - ANC Business Nightly