The Philippine Electricity Market Corporation (PEMC), operator of the Wholesale Electricity Spot Market (WESM), noted a considerable dip in the final settlement spot prices for the September billing period at P2.86 per kilowatt-hour (kWh) from P4.17 per kWh in August.
“The September billing period showed a marked increase in the share of electricity bought in the spot market compared to the monthly average of 8-10 percent sourced by wholesale customers,” PEMC President Melinda L. Ocampo said on Tuesday.
WESM data also showed that coal was still the dominant fuel in the generation mix at 49.33 percent last month while emerging renewable energy technologies such as solar, wind, run-of river hydro and biomass contributed around 3.7 percent.
About 15.09 percent of total market transactions were sourced from the spot market while 84.91 percent were procured through power supply agreements.
The WESM was created under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001, to establish a market that reflects the actual cost of electricity and lowers its price through a more efficient production via competition.