Power prices up in May as supply fails to keep up with demand

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MANILA, Philippines — Electricity spot market prices showed a spike in May because the Visayas grid suffered thin power supplies, and nationwide rates are expected to balloon further following the powerful Mindanao quake.

Based on data from the Independent Electricity Market Operator of the Philippines (IEMOP), the systemwide rates climbed by 38.5 percent to P7.79 per kilowatt hour (kWh).

This, as demand jumped by 9.4 percent to 15,755 megawatts, while supply during the period inched up by just 2.7 percent.

IEMOP operates the Wholesale Electricity Spot Market (WESM), an avenue where power is traded between producers and distributors to boost their supply.