Independent Electricity Market Operator of the Philippines (IEMOP) says that electricity prices at the Wholesale Electricity Spot Market (WESM) decreased in August due to sufficient supply amid strong demand.
In a report by Business World, IEMOP’s manager of corporate planning and communication Arjon B. Valencia said that although there was an increase in demand, the supply on hand remained greater for this billing period, resulting in a wider supply margin, mostly due to hydropower plants’ contributions increasing from 6.7% to 10%.
Preliminary data from IEMOP showed that the system-wide average price fell by 0.4% month-on-month to Php 5.94 per kilowatt-hour (kWh) in August.
The available supply rose by 4.5% from the previous month to 19,718 megawatts (MW), while demand increased by 1.4% to 14,186 MW during the period.
In Luzon, WESM rates increased by 5.5% month on month to Php 6.24 per kWh. The region’s supply increased by 2.4% to 13,657 MW, while demand rose by 0.4% to 10,180 MW.
Meanwhile, in the Visayas, the average rate dropped by 7.6% month-on-month to Php 6.93 per kWh. Available supply in the grid grew by 7.7% to 2,268 MW, and demand increased by 4.6% to 1,982 MW.
Mindanao saw a significant drop in WESM electricity prices, falling by 27.8% month-on-month to Php 3.37 per kWh. The region’s supply increased by 10.9% to 3,794 MW, while demand rose by 3.7% to 2,025 MW.
IEMOP operates the WESM, where energy companies can purchase power to meet customer needs when their long-term contracted supply is insufficient.
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