Lower spot market prices observed in past 2 weeks

By Alena Mae S. Flores – August 21, 2023, 7:40 pm
from manilastandard.net

The Independent Electricity Market Operator of the Philippines said Monday it observed lower spot market prices in the first two weeks of August on lower demand and improved supply margins.

Data from IEMOP, operator of the Wholesale Electricity Spot Market, the trading floor of electricity, showed that prices declined by P0.23 per kilowatt-hour to about P5.43 per kWh.

Average power demand as of Aug. 17 went down to 11,283 megawatts from 11,386 MW in July. “Lower prices were observed as a result of lower demand and sufficient supply,” IEMOP said in a report.

Supply margins improved to 3,634 MW in August from 3,123 MW in July as supply improved to 15,394 MW from 14,917 MW last month.

IEMOP said baseload plants came back online from forced and planned outages. Power reserves, which include regulating, contingency and dispatchable reserves, were at 479 MW, higher than 408 MW MW in July.