During its media briefing, the Independent Electricity Market Operator of the Philippines (IEMOP) discussed its updates on the Philippine Wholesale Electricity Spot Market (WESM) in Luzon, Visayas, and Mindanao regions covering the March and April billing months. While demand for electricity increased due to rising temperatures brought about by the summer season, the market remained stable, with ample supply levels across all grids.
The Luzon and Visayas markets recorded an average demand increase from 10,244 MW in March to 11,033 MW in April 2023. Meanwhile, for Mindanao, the average demand increased from 1,752 MW to 1,790 MW. The increase in demand led to the recorded year-to-date peak levels in all grids. Luzon demand recorded a new peak at 12,221 MW on April 19, 2023, while Visayas demand peaked at 2,380 MW on April 17, 2023. Mindanao also recorded a new peak demand of 2,363 MW on April 19, 2023. These figures showed an increase of 6% for Luzon and 10% each for Visayas and Mindanao regions compared to the same period last year.
Despite the increase in demand, supply levels for Luzon and Visayas improved from 14,226 MW in March to 14,612 MW in April, as fewer generators were scheduled for an outage. On the other hand, Mindanao recorded ample supply levels at around 3,018 MW for March and April. However, market prices increased from 6.57 to 7.68 pesos per kilowatt-hour from March to April 2023 billing periods for Luzon and Visayas. In contrast, the market price for Mindanao went down from PhP6.56/kWh in March to PhP 5.36/kWh in April.
IEMOP emphasized the importance of energy efficiency and conservation in managing the electricity market, especially during peak demand periods. Consumers are encouraged 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. Overall, the IEMOP remains committed to providing efficient and reliable electricity market operations to all WESM stakeholders and will continue to closely monitor the supply, demand, and prices in the coming months.