The Philippine Electricity Market Corporation (PEMC) was incorporated as a non-stock, non-profit corporation registered with the Securities and Exchange Commission (SEC).

The Wholesale Electricity Spot Market (WESM) Project commenced.

The Luzon Trial Operations Program (TOP) began in anticipation of the commencement of the WESM. The TOP was completed that year in December.

The WESM officially started Commercial Operations on 26 June 2006.

The WESM Visayas TOP commenced.

The Visayas grid was integrated into the WESM and began Commercial Operations on 26 December 2010.

Retail Competition and Open Access (RCOA) was implemented on 26 June 2013.

PEMC declared the start of the Interim Mindanao Electricity Market (IMEM), a medium-term and interim solution meant to address the deficiency of the supply in Mindanao.

PEMC operationalized the Central Scheduling and Dispatch of Energy and Contracted Reserves

The Preferential Dispatch for Renewable Energy Resources was integrated into the WESM.

WESM Mindanao was launched.

PEMC conducted a Special Membership Meeting to approve the IMO Transition Plan in accordance with the policy issued by the Department of Energy (DOE).

The Independent Electricity Market Operator of the Philippines (IEMOP) was incorporated.

PEMC conducted the Annual General Membership Meeting where the DOE Secretary stepped down as the Chairman of the PEM Board of Directors and a new Board was elected.

PEMC and IEMOP signed the Operating Agreement appointing the latter to manage the daily operations of the WESM.

On 26 June the WESM transitioned from an hourly market to a 5-minute market.

The Renewable Energy Market (REM) launched its Interim Commercial Operations (ICOP) on 26 August.

The WESM Mindanao officially started commercial operations on 26 January.

On 09 June, PEMC and IEMOP signed a Memorandum of Agreement (MOA) to transfer the operational functions of the REM to IEMOP.

Full Commercial Operations of the Reserve Market on 26 January

On 26 January 2024, the PHP 52 billion Mindanao-Visayas Interconnection Project (MVIP) was inaugurated and energized, physically connecting all three (3) major power grids in Luzon, Visayas, and Mindanao.

Suspension of the implementation of Section 8 related to Billing and Settlement under the Price Determination Methodology (PDM) for the Reserve Market on 26 March.

Resumption of the Reserve Market commercial Operations on 05 August.

Transfers of the Renewable Energy Registrar Functions to IEMOP on 26 December.