The Independent Electricity Market Operator of the Philippines said Tuesday electricity demand increased in April amid higher temperature, resulting in slightly higher prices at the spot market.
IEMOP, operator of the Wholesale Electricity Spot Market, said this led to a 16.8-percent increase in prices to P7.68 per kilowatt-hour as of April 23.
Power demand reached 11,033 MW for Luzon and Visayas as of April 23, up by 789 MW or 7.7 percent from March because of hotter temperature.
IEMOP said in its monthly market operations highlights average demand also increased from 1,752 MW to 1,790 MW for Mindanao.
Meanwhile, Luzon peak demand soared to 12,221 MW on April 19, breaching last year’s peak demand of 12,103 MW which occurred on May 12, 2022. This was also 747 MW or 6.5 percent higher than 11,474 MW in March.
Demand in the Visayas peaked at 2,380 MW on April 17, while Mindanao also recorded a new peak demand of 2,363 MW on April 19, up 10 percent from the same period last year.
“Year-to-date peak demand for all regions has breached its previous year’s peak demand level,” IEMOP said.
IEMOP said available supply in Luzon and Visayas was slightly higher in April to 14,612 MW compared to 14,226 MW in March, as fewer power plants were on scheduled outages.
“Supply level in Luzon-Visayas increased by around 386 MW or 2.7 percent for April 2023, attributable to minimal generator outages. In Mindanao, the average supply was maintained at around 3,000 MW level,” the agency said.
Power supply margins in Luzon and Visayas was slightly higher at 2,955 MW in April, compared to 2,984 MW in March.
IEMOP said WESM rates went up to P7.68 per kWh from P6.57 per kWh in March, but the market price for Mindanao went down to P5.36 per kWh in April from P6.56 per kWh last month.
IEMOP underscored the importance of energy efficiency and conservation in managing the electricity market, especially during peak demand periods.
It encouraged consumers to practice energy-saving measures such as turning off lights and unplugging appliances when not in use.
“By working together, consumers and the energy sector can ensure a stable and reliable electricity supply while keeping costs reasonable for all,” it said.
IEMOP said it would continue to closely monitor the supply, demand and prices in the coming months.