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Manila Bulletin devider Business devider Lower demand, increased supply drive down electricity prices in January

Lower demand, increased supply drive down electricity prices in January

Published Feb 4, 2025 06:53 am

The Independent Electricity Market Operator of the Philippines (IEMOP) reported a substantial drop in electricity prices for January, driven by lower demand and increased supply.

In a statement released on Tuesday, February 4, IEMOP said that the average electricity price in the Wholesale Electricity Spot Market (WESM) decreased by 14.3 percent, from ₱3.45 per kilowatt-hour (kWh) to ₱2.96/kWh.

From year-end 2024 through late January, the system-wide average supply decreased slightly by 0.2 percent to 20,110 megawatts (MW), while demand fell by 5.6 percent to 12,529 MW.

“Overall, total energy generation (GWh) decreased due to reduced demand, falling by 2.75 percent from 9,245 GWh in December 2024 to 8,991 GWh in January 2025,” IEMOP stated.

Across the country’s three main regions, Luzon maintained the largest average supply despite a 1.6 percent decline to 13,962 MW. Demand in Luzon also decreased by 6.4 percent to 8,741 MW. The average electricity price in Luzon was P2.98/kWh, an 8.5 percent decrease compared to the previous month's P3.26/kWh.

The Visayas region posted decreases in supply, demand, and price. Supply fell to 2,372 MW, and demand reached 1,856 MW. The average price in Visayas experienced a 19 percent reduction, settling at ₱3.13/kWh.

In contrast, Mindanao's supply increased by 8.7 percent to 3,775 MW, while demand saw a slight 2.9 percent increase to 1,931 MW. Mindanao registered the largest decline in WESM prices among the three regions, with a 31.9 percent decrease to P2.65/kWh.

IEMOP also reported a shift in the energy mix. While coal remains the primary energy source, its share decreased significantly from 58.87 percent to 55 percent. This decline is attributed to the increased use of natural gas, which rose to 17 percent.

Hydropower, wind, and solar energy saw minimal growth, while geothermal energy remained stagnant in January.

The lower demand experienced last month suggests that cooler weather contributed to the drop in average electricity prices.

Related Tags

Wholesale Electricity Spot Market (WESM) Independent Electricity Market Operator of the Philippines
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