The Independent Electricity Market Operator of the Philippines (IEMOP) announced the successful first month of Wholesale Electricity Spot Market (WESM) operations in Mindanao during its monthly media briefing. IEMOP reported an Effective Spot Settlement Price (ESSP) of 5.23 PhP/kWh in the first billing month of Mindanao WESM operations this February, reflecting a competitive price in the electricity market. This result may be attributed to a significant supply margin averaging at 1,429 MW in the region, reflecting a surplus in available capacity compared to an average demand of only 1,745 MW. The majority of Mindanao customers’ requirements were served by coal plants at 62.54%, followed by hydro plants at 30.39%, and geothermal plants at 4.44%, with 13.90% of total consumption (1,142 GWh) bought through the WESM.
IEMOP also highlighted the successful scheduling and dispatch of generators during the first month of WESM operations, which employed an optimal and rules-based scheduling process that resulted in a more secure and reliable electricity supply in the Mindanao grid. The Market Operator also mentioned that it is continuously providing 24/7 operational support to Mindanao trading participants and conducting roadshows, focus group discussions, and training to enhance their understanding of market operations. Additionally, IEMOP is working closely with the stakeholders to facilitate full compliance with the pending WESM registration requirements before the three-month relaxation period on 25 April 2023, as the DOE prescribes in its circular declaring the commercial operations of WESM in Mindanao.
IEMOP also announced that it will hold the first-ever Philippine Electric Power Industry Forum (PEPIF) this coming March 20-21, 2023, at the Diamond Hotel Manila. The two-day event, hosted by IEMOP in coordination with the Department of Energy and the Energy Regulatory Commission, will bring together industry leaders, decision-makers, and professionals to discuss challenges and opportunities, share best practices, learn from experts, and explore the latest trends in the Philippine electric power industry.
“We are excited to provide a platform for industry stakeholders to collaborate, innovate, and address the challenges facing the Philippine electric power industry,” said Engr. Robinson P. Descanzo, IEMOP’s Chief Operating Officer. “The PEPIF is an excellent opportunity to learn from experts, share best practices, and explore innovative solutions that will benefit all Filipinos.”