Average spot market price down by 23% in August

The typical energy spot market value fell by 23% to P5.03 per kilowatt-hour (/kWh) this month, from July’s stage of P6.52/kWh, on the again of higher provide and decrease demand, the Impartial Electrical energy Market Operator of the Philippines (IEMOP) stated on Friday. 

“Common market value this month decreased to P5.03/kWh which is in some way attributable to extend in provide,” IEMOP Supervisor for Pricing Validation and Evaluation John Paul Grayda stated in a digital media briefing on Friday. 

Citing latest knowledge, he stated that provide ranges within the wholesale electrical energy spot market (WESM) in Luzon and Visayas reached 13,711 megawatts (MW), larger by 800 MW in comparison with final month’s 12,911 MW. In the meantime, demand ranges within the spot market within the two islands hit 10,174 MW, decrease by 39 MW from July’s 10,213 MW. 

Information for the August billing lined August 1 to August 18. 

The market operator additionally gave updates on the central scheduling scheme presently happening in Mindanao, which doesn’t have an influence spot market but.  

“Up to now, we’re nonetheless assessing with the DoE (Division of Power) on (whether or not) we have to lengthen the WESM central scheduling earlier than we absolutely commercially function (the) WESM in Mindanao,” IEMOP Supervisor of Operations Planning and Modeling Edward I. Olmedo stated through the briefing. 

Central scheduling in Mindanao started on June 29 and is slated to finish on August 25. 

Leonido J. Pulido III, who leads the WESM’s governance physique Philippine Electrical energy Market Corp., earlier stated that central scheduling refers back to the “scheduling of contracted producing capacities to fulfill the power demand of customers, and is dispatched by the system operator who follows WESM-generated schedules.” 

“Nevertheless, the ensuing power costs is not going to be binding because the settlement of transactions will nonetheless be primarily based on the contract costs within the energy provide agreements,” he stated. 

Final month, the DoE ordered the Mindanao energy business to proceed with the central scheduling scheme till it publicizes the date of economic operations of the area’s spot market. 

In an advisory dated July 24, Power Secretary Alfonso G. Cusi instructed Mindanao-based individuals to finish their WESM registration throughout the central scheduling interval, as those that don’t fulfill this requirement will face sanctions.  

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