Electricity prices at the Wholesale Electricity Spot Market (WESM) fell in July even though there was less demand for the commodity during the period, the Independent Electricity Market Operator of the Philippines (IEMOP) said.
According to IEMOP, the cost of electricity across the country averaged three percent lower to P5.97 per kilowatt-hour (kWh) in July from P6.15 per kilo-watt-hour in June. The cost of electricity, along with water, gas and other fuels, account for 22 percent of the consumer price index (CPI) regularly surveyed by the Philippine Statistics Authority, the second largest basket of commodities and goods after food and non-alcoholic beverages in the CPI.
Demand for electricity during the period fell by 4.9 percent as well to 13,989 megawatts (MW) from 14,710 MW although supply similarly eased 3.9 percent to 18,867 MW from 19,638 MW.
As for the Mindanao grid, the cost of electricity averaged 1.3 percent higher to P4.67 per kWh in July from P4.61 per kWh in June.
Mindanao suffers from high electricity rates due to insufficient generating capacity meeting demand. The inadequacy compels the granting of subsidies embedded in electricity rates.
The IEMOP acknowledged these are tentative data and could change as additional numbers become available.
