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Spot market power prices decline in early November

THE Independent Electricity Market Operator of the Philippines (IEMOP) said electricity spot market prices in early November declined by P1.14 per kilowatt-hour (kWh) to an average of P8.08 per kWh, from P9.22 in October. 

Christian Karla A. Rica, IEMOP knowledge management specialist, said in a virtual briefing on Wednesday that supply levels trended upward in early November, averaging 13,651 megawatts (MW), while demand declined to 10,083 MW as of Nov. 13, pulling prices lower. 

Demand on the Wholesale Electricity Spot Market (WESM) had risen in October to P9.22 per kWh from P9.12 in September due to outages at major coal, geothermal, oil-based, and natural gas plants.

Electricity companies pay the spot premium for WESM-sourced power supply when their long-term providers are unable to deliver adequate volumes.

IEMOP said generators with higher offer prices were dispatched to make up for the needed energy requirements.

The average supply in October was 13,478 MW, down 0.89% month on month.

October demand increased 1.61% month on month to 10,810 MW. — Ashley Erika O. Jose