The price of electricity at the Wholesale Electricity Spot Market (WESM) in Luzon and the Visayas proved expensive in the first three weeks of April, according to the Independent Electricity Market Operator of the Philippines (IEMOP).
From an average of P6.57 per kWh in March, the electricity charged Luzon and Visayas consumers rose 16.9 percent in April.
But the IEMOP reported a decrease in spot prices in Mindanao during the period.
In an online briefing Tuesday, IEMOP said the increase in Luzon and the Visayas was due to rising power demand even as so-called reserves thin.
As of April 22, the price per kilowatt hour (kWh) at WESM for Luzon and the Visayas averaged P7.68 or 16.9 percent higher than in March when this averaged only P6.57 per kWh.
IEMOP said power demand in the two major islands during the period jumped 7.7 percent to 11,033 megawatts (MW) from 10,244 MW.
Electricity supply in Luzon and the Visayas during the period grew by 2.7 percent to 14,612 MW from 14,226 MW and that reserves for the period fell 37.47 percent to 624 MW from 998 MW.
IEMOP said the average WESM price per kWh in Mindanao averaged only P5.36 or an 18.29 percent decline from P6.56 per kWh in March.
Electricity demand in Mindanao during the period improved by 2.17 percent to 1,790 MW from 1,752 MW. Supply for the period dropped a wee bit to 3,018 MW from 3,019 MW while reserves fell 46.63 percent to 111 MW from 208 MW.
IEMOP said the numbers represent preliminary data and can still change depending on the full-month development.
Isidro Cacho, IEMOP corporate strategy and communications head, said the P7 per kWh spot price could persists in the hot months ahead.
Thus far, demand for electricity in the Luzon grid peaked at 12,221 MW on 19 April, which was 6.34 percent higher than in April last year of only 11,492 MW.
When the Covid-19 pandemic still raged, the months of May and June were historically months when demand for electricity were highest.
