POWER PRICES on the Wholesale Electricity Spot Market (WESM) rose by nearly 50% in October due to thinning supply margins, according to the Independent Electricity Market Operator of the Philippines (IEMOP).
IEMOP reported that the average spot prices rose 49.4% to P4.54 per kilowatt-hour (kWh) in October.
Between Sept. 26 and Oct. 25, available supply decreased 4% month on month to 19,889 megawatts (MW), while demand grew 1.8% to 13,881 MW.
“There were major plant outages affecting the October billing period, contributing to overall price increase. Additionally, the Visayas experienced an earthquake on Sept. 30, 2025, which led to multiple tripping incidents involving transmission lines and generators,” Christian Karla A. Rica, a member of the trading operations and market simulation and analysis staff at IEMOP, said at a virtual briefing on Thursday.
For Luzon, WESM rates rose 54.3% to P3.96 per kWh due to “lower supply and higher demand, even with reduced power export through high-voltage direct current.”
Demand rose 1.9% month on month to 9,777 MW, outpacing supply, which declined 6.1% to 13,790 MW.
“In the Visayas, prices rose as well accompanied by the limited power flow from Luzon,” Ms. Rica said.
The WESM rate in the region rose 45.3% to P5.85 per kWh, with supply decreasing 0.8% to 2,421 MW and demand falling 1% to 1,944 MW.
IEMOP said spot prices in Mindanao increased 40% to P5.87 per kWh.
Available supply improved 86% month on month to 3,678 MW. Demand rose 61% to 2,161 MW.
Isidro E. Cacho, Jr., IEMOP vice-president for trading operations, said prices are expected to be stable for the rest of the year due to the anticipated downward trend in demand.
“Barring unplanned plant outages, we do not see any increase in prices. The trend will more on the downward side from November to January,” he said.
IEMOP operates the WESM, where energy companies can buy power if their long-term contracted power deals prove inadequate for their needs. — Sheldeen Joy Talavera