Electricity prices in the country’s spot market increased sharply in March, driven by tighter supply and higher demand, according to the Independent Electricity Market Operator of the Philippines (IEMOP).
Data showed that the average price in the Wholesale Electricity Spot Market (WESM) rose by 23 percent to P4.31 per kilowatt-hour (kWh) as of March 25, up from P3.50 per kWh in February.
IEMOP said the increase was mainly due to a drop in available power supply while demand continued to grow. Average demand nationwide went up by 4 percent to 13,383 megawatts (MW), while supply slightly declined by 0.4 percent to 19,913 MW.
In Luzon, prices surged by 52.5 percent to P4.10 per kWh. Demand rose by 3 percent, while supply fell by 1.3 percent.
In contrast, prices in the Visayas decreased by 5.4 percent to P5.08 per kWh, as supply increased by 10.4 percent, outpacing a 3 percent rise in demand.
Mindanao also saw lower prices, down 15.7 percent to P4.43 per kWh. Demand grew slightly, but supply dropped by 3.8 percent.
IEMOP noted that WESM billing runs only until the 25th of each month, so the data does not cover the full month.
