"I now see that ERC has recently posted a Decision that helps clarify the issue for me.  http://www.erc.gov.ph/cgi-bin/... is not about hedging the uncontracted capacity. It is about who controls the WESM bidding (and how) when their are joint-owners (owner is probably not the correct term, but it's used in the Decision) in the physical output of a single generating unit.The issue is appropriately winding its way through the regulatory process, as it should. Hopefully, we'll find out how this particular case sets a precedent for future such cases in our Philippine markets." - Nick in Manila