Consumers in the Visayas and Mindanao may see a spike in their electricity bills this month as the spot market reported a surge in power prices, reaching nearly P20 per kilowatt-hour (kWh).
In a media briefing, the Independent Electricity Market Operator of the Philippines (IEMOP) said power traded at the Wholesale Electricity Spot Market (WESM) surged by 64.9 percent to P18.59 per kWh in the Visayas. Mindanao recorded higher rates, reaching P19.56 per kWh, which marks an 88-percent increase from last month’s P10.39 per kWh.
Outages at major coal plants caused sharp rises in WESM prices on the two main islands, forcing the market to rely on more expensive energy sources.
For months now, the Visayas has been under numerous yellow and red alerts due to tight electricity supply. Mindanao was likewise facing a power crunch due to forced shutdown of some of its coal facilities.
Luzon, meanwhile, saw its WESM prices drop by 34.2 percent to P4.80 per kWh.
The increases in the Visayas and Mindanao pushed the WESM systemwide electricity rates higher to P9.29 per kWh, up from P8.31 per kWh.
The billing period runs from July 26 to August 25, and consumers will see it reflected on their bills in September.
IEMOP manages the WESM, a platform where producers and distributors actively trade power to support supply. (Lisbet K. Esmael © Philippine Daily Inquirer)
