Tight supply puts Visayas at risk of electricity price hikes, says IEMOP

The current power condition in the Visayas region can trigger a hike in electricity supply rates this month, according to the Independent Electricity Market Operator of the Philippines (IEMOP).

Isidro Cacho, Jr., IEMOP’s head of corporate strategy and communications, said they see a potential uptick in electricity prices traded at the spot market.

The IEMOP operates the Wholesale Electricity Spot Market, an avenue where power is traded between producers and distributors to jack up their supply.

“We expect increase in price, but hopefully it won’t be as high as it was last year,” he told reporters in a virtual briefing on Wednesday.

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“So our fearless projection is that [the price] will range between P4.50 and P5 per kilowatt hour on average. Earlier, we did some calculations and already saw a P0.40 increase for the Visayas, in particular,” Cacho said.