Energy & Mining
Spot power prices drop 13% in July, lower utility bills expected
Electricity prices at the Wholesale Electricity Spot Market (WESM) fell by 13.1 percent nationwide in July, driven by lower overall demand across the country. According to data released by the Independent Electricity Market Operator of the Philippines (IEMOP) during an online briefing, the national spot price dropped to an averaged P8.31 per kilowatt-hour (kWh) as of July 25, down from P9.56 per kWh in June.
Gold rally powers OceanaGold, doubling profits
OceanaGold (Philippines) Inc. more than doubled second-quarter profit as soaring gold prices more than compensated for lower production, highlighting how a buoyant bullion market continues to shield miners from operational headwinds.
Philippine energy grid plan targets lower power costs
The Philippine Chamber of Commerce and Industry (PCCI) is urging the government to pursue a nationwide energy grid linking the country's major islands, saying the decades-long project could lower electricity costs, strengthen energy security, and unlock more balanced economic growth across the archipelago.
Semirara profit climbs as power offsets weaker coal business
Integrated energy company Semirara Mining and Power Corp. (SMPC) posted higher second-quarter earnings as a strong rebound in its power business more than compensated for weaker coal production, highlighting the benefits of its integrated business model amid volatile energy markets.
Meralco steps up smart metering upgrades to fortify distribution network
Manila Electric Company (Meralco), headed by Manuel V. Pangilinan, is pushing ahead with improvements to its Elevated Metering Transformation (EMX) as part of ongoing efforts to modernize its power distribution system.
