System-wide average electricity spot market prices rose to P4.38 per kilowatt-hour (kWh) in December 2025 from P3.98 per kWh in the previous month, according to the Independent Electricity Market Operator of the Philippines.
Independent Electricity Market Operator of the Philippines (IEMOP) corporate planning and communications manager Arjon Valencia said that system-wide average supply at the Wholesale Electricity Spot Market increased 1.2 percent to 20,233 megawatts in December from 19,998 MW in November.
While overall demand decreased 0.5 percent to 13,440 MW, leading to an increased supply margin of 4,798 MW, tighter regional conditions drove the price hike.
Valencia said margins in the Visayas and Mindanao regions decreased by 136 MW and 245 MW respectively, which pushed up the system-wide average.
The Luzon region saw prices drop to P2.98 per kWh from P3.52 per kWh as supply grew 2.6 percent to 14,422 MW and demand fell 2.9 percent to 9,324 MW.
Visayas supply reached 2,524 MW, while demand rose to 11,978 MW. In Mindanao, supply fell to 3,287 MW as demand grew to 2,137 MW.
Valencia said these conditions resulted in tighter margins and price spikes, triggering the secondary price cap for 213 intervals in Visayas and 216 intervals in Mindanao. This led to market prices of P7.22 per kWh for Visayas and P7.82 per kWh for Mindanao.
Renewable energy accounted for 26 percent of the system-wide generation mix during the period. Coal increased its share to 56.4 percent from 53.6 percent, while wind generation rose to 2.3 percent from 1.7 percent. Solar and geothermal shares grew to 4.1 percent and 8.6 percent respectively.
Hydro generation declined to 8.8 percent from 11.1 percent, and natural gas fell to 17 percent from 19 percent. Oil-based generation saw a slight increase to 0.8 percent.
IEMOP recorded one market intervention on Dec. 13, 2025, due to a failure to generate real-time dispatch results. The total trading amount for the period rose to P14.19 billion from P13.13 billion, with spot market volume accounting for 13.2 percent of total traded quantity. Total registered capacity reached 30,085 MW following new solar additions.
