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Wednesday, July 24, 2024

Electricity rates at spot market rose in September

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The Independent Electricity Market Operator of the Philippines said Monday the average electricity rates at the spot market went up by P0.19 per kilowatt-hour to P9.31 per kWh in October from P9.12 per kWh in September.

The IEMOP, operator of the Wholesale Electricity Spot Market, said the October rates were preliminary as market data computation was only up to October 16. WESM is one of the sources of power supply to distribution utilities such as Manila Electric Company.

IEMOP data showed the available power supply was lower in October, averaging 13,415 megawatts compared to 13,599 MW in September and 14,274 MW in August because of “generator outages.”

Increased economic activity pushed power demand to 10,769 MW in October from 10,639 MW in September and 10,485 MW in August.

Peak demand was recorded in May at 14,390 MW compared to 13,752 MW in June last year.

The IEMOP said coal plants contributed bulk or 57.6 percent of the power supply generated in September.

It was followed by natural gas at 18.3 percent, geothermal at 10 percent, hydro at 7.6 percent and diesel at 2.9 percent.

Variable renewable energy resources, including solar and wind, contributed 2.8 percent, biomass at 0.9 percent and battery energy storage systems at 0.03 percent.

IEMOP launched on Tuesday its advocacy to raise awareness towards the efficient use of electricity to help lower the demand not only during peak hours but also during off-peak hours without sacrificing productivity which stimulates economic growth.

IEMOP said lowering demand would redound to lower utilization of expensive fossil fuels in the grid.

It said this could also reduce market clearing prices in the WESM, which would be advantageous to consumers.

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