Spot prices in the Wholesale Electricity Spot Market (WESM) continued to fall this month due to higher supply and lower demand because of cooler temperatures.
“The decrease in spot prices is attributable to increased supply owing to higher output of generating units and lower demand due to colder temperature,” PEMC president Melinda L. Ocampo said.
The Philippine Electricity Market Corp. (PEMC) in a statement said effective settlement spot prices (ESSPs) in the WESM went from P2.86 per kilowatt-hour in September to P2.48 per kWh in October.
ESSPs are average prices paid by wholesale customers for power bought from the spot marker.
Coal resources made up 47.5 percent of the generation mix, natural gas contributed 25.8 percent and diesel and oil covered 1.3 percent.
Renewable energy resources recorded a 25.36 percent contribution, with geothermal with 12.4 percent, hydropower with 9.8 percent, solar with 1.4 percent, and wind and biomass with 0.9 percent each.
“It must be highlighted that the spot exposure of wholesale customers at 17% is the highest since July 2010. We are pleased that the customers have become proficient in procuring their power requirements from the WESM at this juncture where electricity prices are its lowest,” Ocampo said.