By
Danessa Rivera (The Philippine Star) | Updated November 24, 2016 - 12:00am
MANILA, Philippines – The
electricity spot market continued to register monthly reductions in rates in
October as a result of to higher supply and lower demand due to cooler
temperature.
In a statement, the Philippine
Electricity Market Corp. (PEMC) said effective settlement spot prices (ESSPs)
in the wholesale electricity spot market (WESM) fell seven percent from P2.86
per kilowatt-hour in September to P2.48 per kwh in October.
ESSPs refer to the average prices
paid by wholesale customers for energy purchased from the spot market.
PEMC said this month’s ESSP is the
lowest since October 2015.
“The decrease in spot prices
is attributable to increased supply owing to higher output of generating units
and lower demand due to colder temperature,” PEMC president Melinda L. Ocampo
said.
For the month, market data reflected
coal resource accounted for 47.5 percent of the generation mix while natural
gas and diesel/oil were equivalent to 25.8 percent and 1.3 percent,
respectively.
Meanwhile, renewable energy
resources contributed 25.36 percent, broken down into 12.4 percent for
geothermal, 9.8 percent for hydropower, 1.4 percent for solar, 0.9 percent each
for wind and biomass.
In terms of billing, 17 percent of
total energy transactions were sourced from the spot market while the 83
percent were supplied through bilateral contracts.
“It must be highlighted that the
spot exposure of wholesale customers at 17 percent is the highest since July
2010. We are pleased that the customers have become proficient in procuring
their power requirements from the WESM at this juncture where electricity
prices are at its lowest,” Ocampo said.
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