The average price of electricity at the Wholesale Electricity Spot Market (WESM) in Luzon and the Visayas increased in October, according to the Independent Electricity Market Operator of the Philippines (IEMOP).
IEMOP attributed the increase in spot market power rates in the islands to higher demand for power.
As of mid-October, the price per kilowatt hour (kWh) in Luzon averaged P7.58 or 55.6 percent higher in September when it averaged P4.87 per kWh.
IEMOP said the average demand in Luzon went up 2.8 percent to 9,638 megawatts (MW) from 9,377 MW even as supply slowed 8.7 percent to 12,150 MW from 13,307 MW. Power reserves for the period were up 1.3 percent to 474 MW from 468 MW.
In the Visayas, WESM prices averaged P8.49 or 33.5 percent more than in September when it averaged P6.36 per kWh.
The IEMOP said demand in the Visayas for the period rose 2.1 percent to 1,884 MW from 1,846 MW even as average supply increased by 2.03 percent to 2,309 MW from 2,263 MW. Power reserves surged 17.4 percent to 243 MW from 207 MW.
Robinson Descanzo, IEMOP trading operations head and acting chief operating officer, said as much as 1,700 MW from four power plants were not available from 26 September to 15 October, effectively pushing the rate higher during the period.
But while the average WESM rate in Luzon and the Visayas rose, electricity rates in Mindanao fell, averaging P4.96 per kWh or 13.1 percent lower than in September when this averaged P5.71 per kWh.Demand in Mindanao during the period also went up 3.6 percent to 1,893 MW from 1,827 MW even as supply jumped 9.2 percent to 3,133 MW from 2,869 MW. Electricity reserves were down 8.8 percent to 93 MW from 102 MW.
