Power spot prices up in May on sustained high demand

ELECTRICITY spot price at the Wholesale Electricity Spot Market (WESM) rose in May due to sustained high system demand, the Independent Electricity Market Operator of the Philippines (IEMOP) said.

The IEMOP reported that the average electricity spot price system wide between April 26 and May 25 rose 19.1% to P8.22 per kilowatt-hour (kWh).

Supply increased 2.3% to 19,648 megawatts (MW) while demand grew by 9.1% to 15,688 MW from 14,375 MW.

For Luzon, the spot price jumped 24.8% to P8.28 per kWh.

Demand on the main island rose 10.3% to 11,369 MW. Available capacity rose 5.3% to 14,003 MW.

The WESM price at the Visayas rose by 0.9% to P8.81 per kWh from P8.73 per kWh previously.

Supply was 2,409 MW, higher by 2.6% from the 2,347 MW. Demand increased by 8.3% to 2,186 MW from 2,002 MW.

The average spot price in Mindanao was P7.26 per kWh, up 13%.

Supply fell 8.9% to 3,235 MW, while demand increased 4.3% to 2,152 MW.

IEMOP operates the WESM, which is where energy companies can buy power when their long-term contracted power supply is insufficient for customer needs. — Sheldeen Joy Talavera