Power prices at spot market fell in August

By Alena Mae S. Flores – September 3, 2024, 8:00 pm
from manilastandard.net

Average system-wide rates at the Wholesale Electricity Spot Market (WESM) declined in August 2024 by 0.4 percent to P5.94 per kilowatt-hour from P5.97 per kWh in July on higher supply margins despite the increased demand.

Power distributors and electric cooperatives source a portion of their monthly supply from the WESM, the trading floor of electricity.

Data from WESM operator Independent Electricity Market Operator of the Philippines (IEMOP) show that available supply went up by 4.5 percent to 19,718 megawatts from 18,867 MW in the previous month with the increased availability of hydropower plants.

Power demand also increased by 1.4 percent to 14,186 MW from 13,989 MW in July.

“Demand went up, but the increase in supply was higher so the supply margins were higher. The hydro power plants are back online, so their energy contribution from last month went up from 6.7 percent (649 gigawatt-hours) to 10 percent (1026 GWh),” IEMOP chief operating officer Robinson Descanzo said.

Among the power grids, Luzon posted an increase in rates to P6.24 per kWh from P5.92 per kWh. Power demand inched up in Luzon by 0.4 percent from 10,180 MW while supply increased 2.4 percent to 13,657 MW. Alena Mae S. Flores

Both the Visayas and Mindanao grids posted lower average rates in August at 7.6 percent and 27.8 percent, respectively.

The Visayas grid recorded an average price of P6.93 per kWh and Mindanao at P3.37 per kWh.