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The Independent Electricity Market Operator of the Philippines (IEMOP) has assured that the Wholesale Electricity Spot Market (WESM) will see stable prices even after the 2025 midterm elections.
In a briefing on Tuesday, May 6, Isidro Cacho Jr., IEMOP head of trading operations stated that the current electricity supply is robust enough to meet the anticipated demand during both the voting period and the summer months.
The market operator is optimistic that this will continue to support stable prices in the coming months.
“Given the trend that we see right now, we have an ample supply [of electricity], and we see that same level of margin all throughout the month of May. We expect the same level of prices that we are experiencing now, hopefully even lower, [at] around ₱4 to ₱5,” he told reporters.
Stable prices in WESM would translate to predictable power rates for consumers, along with a reduced likelihood of sudden price increases.
“Hopefully, we maintain that level of supply margin all throughout the year, not just May or June… We have more renewable energy (RE) [projects] coming in that will boost the supply,” he added.
Even with scheduled maintenance works at power plants potentially occurring after the elections and the dry season, IEMOP believes that market prices will not unexpectedly surge.
“Our [power plants’] maintenance is programmed. What we need to look out for are those outside of the maintenance plan, we call that unplanned or outages, [because] that is what will affect us. But given that we plan out our maintenance, we see stable prices for the next six months,” Cacho said.
In a joint briefing on Monday, May 5, with the Department of Energy (DOE) and the Energy Task Force Election (ETFE), IEMOP reported a decline in the average spot market price in April, falling from ₱5.34 to ₱4.52 per kilowatt-hour (kWh).
Last month also saw a significant increase in the average supply, expanding to 21,345 megawatts (MW), while demand reached 14,739 MW.
Cacho also highlighted the positive impact of transmission system upgrades in bringing more energy capacity to the grid, noting that “There was a significant improvement with the completion of the [transmission] lines [undertaken] by the National Grid Corporation of the Philippines (NGCP) last year, specifically the Cebu-Bohol Interconnection Project (CBIP).”
Energized in November 2024, this ₱19.76-billion transmission project aims to bolster grid stability in Central Visayas by delivering up to 1,200 megawatts of power, addressing the increasing electricity needs of Bohol.
“We don’t anticipate any congestion or limitations, so we are hopeful this trend will continue… We foresee a more stable and reliable electricity supply in our grid,” Cacho assured.
Furthermore, Cacho expressed optimism about more RE projects coming online and contributing to the nation’s power grid, which would further secure supply and alleviate potential strains on WESM.
“We also have new power plants that have come online, including those from the initial rounds of the DOE’s green energy auction… This will further enhance the supply to the grid," he said.
