PRICES on the wholesale electricity spot market stayed low during the April 8-9 weekend despite surges in market prices at some intervals after earthquakes hit Batangas and caused outages at a number of power plants, the Philippine Electricity Market Corp. (PEMC) said.
THE AVERAGE prices paid by wholesale electricity customers fell to P1.90 per kilowatt-hour (kWh) in January 2017 to reach their lowest level since January 2011, the Philippine Electricity Market Corp. (PEMC) said on Monday.
THE PHILIPPINE Electricity Market Corp. (PEMC) is seeking regulatory approval to allow buyers in the Interim Mindanao Electricity Market (IMEM) increased participation in the trade of electricity.
MANILA, Philippines – The Department of Energy (DOE) is allowing market intervention in the Wholesale Electricity Spot Market (WESM), the country’s trading floor for electricity, to temper unusual price spikes as what happened in November last year. “In a nutshell, there is now market intervention,” Energy Secretary Carlos Jericho Petilla said when sought for comment on the new circular. Based on Department Circular 2014-01-0001, the Philippine Electricity Market Corp. (PEMC), the WESM operator, has the option to intervene in the market by setting an administered price gauged on the average price in the last 30 days prior to the day of intervention. It said PEMC may intervene when there is a supply emergency “where electricity supply capacity shortfall, is measured at four percent or below the total demand.” “Provided further that the four percent trigger shall continue to be applied until the DOE determines, through the National Transmission Corp., the National Grid Corp. of the Philippines and the Grid Management Committee, that a new trigger is applicable,” Petilla said in the circular. He stressed that market intervention is merely an option that may or may not be exercised by PEMC as market operator. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “[I]n light of recent events, the DOE saw the need to provide for an interim measure for the market operator and/or system operator’s declaration of market intervention in order to ensure utmost consumer protection specially in times of critical situation of the supply of electricity power that triggers Read More …
MANILA, Philippines – Diversified conglomerate San Miguel Corp. formally takes over ailing Albay Electric Cooperative (Aleco), Energy Secretary Carlos Jericho Petilla said over the weekend. The two parties will sign the agreement tomorrow, Oct. 29, in a formal ceremony at San Miguel’s headquarters in Ortigas. “The takeover is merely a formality because they’re already assessing right now. I don’t know how many people they have in Aleco but they are now doing the inspection works. The signing is for me, just ceremonial or formality,” Petilla said. Under the agreement, San Miguel Corp., through SMC Global Power Holdings Corp. would be spending at least P250 million to pay off Aleco’s debts. This is just the minimum, Petilla said. Albay Governor Joey Salceda has said that San Miguel also needs to spend for the plant’s rehabilitation, which could cost up to P1 billion. Aleco’s system loss is 24 percent compared to the cap of 13 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Salceda attributed Aleco’s situation to its failure to collect from its customers and also to systems losses stemming from its obsolete equipment. Once rehabilitated, however, Salceda said San Miguel would be able to generate revenues of about P600 million annually. San Miguel will manage the operations of Aleco for 35 years, with the option to extend this for another 25 years. Last July, Aleco had been disconnected from the main grid because of mounting debts, plunging Albay into darkness. It was reconnected the following day upon Read More …
PHILIPPINE Electricity Market Corp. (PEMC) seeks to collect some P55.162 million from its customers in Mindanao to cover the cost of establishing and operating the Interim Mindanao Electricity Market (IMEM) this year, as well as the projected cost to run the market next year.