The average electricity prices at the Wholesale Electricity Spot Market, the trading floor of electricity, surged in May to nearly P8 per kilowatt-hour on increased demand as the economy slowly recovers, officials of the Independent Electricity Market Operator of the Philippines said Thursday.
“The price in May is significantly high compared to the previous months. The estimated price for May is about P7.65 compared to the previous months, the (previous) highest was registered in March at P4.16,” IEMOP chief operating officer Robinson Descanzo said during the IEMOP Market Participants Update webinar.
IEMOP attributed the higher WESM rates to the abrupt increase in demand brought by the dry months and stagnant supply levels at around 13,000 megawatts.
“In May, we see the significant increase again in consumption. We reached again about 11,100 MW but if you look at the registered peak demand on May 20 this year is 13,660 MW and this is already all-time peak because the previous peak was registered on June 21, 2019 and the level is only 13,450 MW,” Descando said.