THE AVERAGE price of electricity at the Wholesale Electricity Spot Market (WESM) increased in March, as demand rose while supply decreased due to forced outages, the Independent Electricity Market Operator of the Philippines (IEMOP) said.
Data from IEMOP showed that the WESM price increased by 95.5% to P5.34 per kilowatt-hour (kWh) in March, from P2.73 per kWh in February.
From February 26 to March 25, the available supply declined by 4.4% to 19,611 megawatts (MW), attributed to forced outages and deration of some power plants.
Demand, on the other hand, rose by 5.9% to 13,670 MW, driven by extreme heat during the first week of March.
For Luzon, prices surged by 102.7% to P5.50 per kWh from P2.71 per kWh.
Supply decreased by 6.5% to 13,530 MW, while demand grew by 7.1% to 9,713 MW.
The WESM rate in the Visayas increased by 95.5% to P5.48 per kWh from P2.81 per kWh.
Supply in the grid decreased by 1.3% to 2,365 MW, while demand rose by 2% to 1,913 MW.
The Mindanao average price last month climbed by 61.3% to P4.39 per kWh from P2.72 per kWh.
While supply improved by 2.1% to 3,716 MW, demand also increased by 4.5% to 2,044 MW.
IEMOP operates the WESM, where energy companies can purchase power when their long-term contracted power supply is insufficient for customer needs.
In February, the market operator anticipated an increase in spot prices during the dry season due to the expected higher demand. – Sheldeen Joy Talavera
