System-wide average price at the Wholesale Electricity Spot Market (WESM) declined by P0.56 per kilowatt-hour (kWh) in November to P3.98 per kWh from P4.54 per kWh in October on the back of higher supply and lower demand.
WESM operator Independent Electricity Spot Market Operator of the Philippines (IEMOP) said system-wide average supply increased to 19,998 megawatts (MW) for November, a 0.5 percent rise from October. The average demand, however, decreased to 13,507 MW, reflecting a 2.7 percent decline.
“This combination resulted in a wider supply margin of 4,572 MW, up from 4,002 MW, contributing to lower market prices of P3.98 per kWh, down from P4.54 per kWh in the previous month,” IEMOP manager for corporate planning and communications Arjon Valencia said.
He said that across the grid, regional price movement followed similar trends.
In Luzon, prices declined due to higher supply and lower demand to P3.52 per kWh from P3.96 per kWh the previous month.
Valencia said that in the Visayas and Mindanao regions, prices also decreased, driven by a larger margin and drop in demand for the former, and supported by higher import volumes coming from the Visayas for the latter.
Visayas’ average price went down to P5.29 per kWh from P5.85 per kWh while Mindanao dropped to P4.99 per kWh from P5.87 per kWh.
On Nov. 4-5, 2025, the Energy Regulatory Commission (ERC) issued a market suspension in the Visayas Grid following multiple outages and limited export capability, which led to over generation.
On Nov. 10, the system operator (SO) initiated market intervention in Luzon due to a sharp decline in regional demand after the passage of Super Typhoon Uwan.
Subsequent Market Interventions in the Visayas on Nov. 11 and 12 were issued to stabilize grid conditions through manual load dropping and to prevent the overloading of the Cebu–Mandaue Line 2.
Valencia said that in terms of energy mix, coal continued its downward trend, declining from 56.5 percent to 53.6 percent, while natural gas increased its share from 16 percent to 19 percent, largely absorbing the reduction from coal. Oil-based generation also decreased from 0.8 percent to 0.5 percent.
For the renewable energy (RE) portfolio, which has remained at around 26 percent in recent months, wind generation posted a notable increase from 0.8 percent to 1.7 percent, supported by the onset of the Amihan season.
In contrast, solar and hydro generation slightly declined from 4.0 percent to 3.9 percent and from 12.7 percent to 11.1 percent, respectively. Geothermal generation, meanwhile, rose from 7.6 percent to 8.2 percent.
Spot market volume declined, accounting for 12.3 percent of total metered quantity compared to 13.4 percent the previous month. As a result, the total trading amount fell from P14.09 billion to P13.13 billion.
Valencia said reserve market transactions likewise decreased, with system-wide reserve procurements dropping from P5.68 billion in October to P4.10 billion in November, following reductions in zonal reserve prices across all regions, except for regulation up in Visayas and contingency reserve in Mindanao.
