Power spot prices nearly double during Malampaya outage

THE average power spot market price in the first two weeks of the Malampaya project’s maintenance shutdown was P6.29 per kilowatt-hour (/kWh), almost double the September level.

According to the Independent Electricity Market Operator of the Philippines (IEMOP), the average spot market price between Oct. 2 and Oct. 15 was P6.29/kWh.

IEMOP told BusinessWorld over the weekend that the previous month’s average price was P3.30/kWh.

The Malampaya gas field was closed for maintenance beginning Oct. 2, with the shutdown to run until Oct. 22.

Asked to comment on Malampaya’s role in raising spot market prices, IEMOP said via text that the increase was “not entirely” due to the shutdown. “There are also forced outages from other generators during that period.”

IEMOP said some 27 power plants with a combined maximum capacity of over 2,700 megawatts (MW) had unplanned outages starting Oct. 2.

Ten hydro plants went on forced outage during this time, as did six coal and six geothermal facilities.

Between Oct. 2 and 15, the average supply was 13,116 MW and average demand 10,076 MW, resulting in an average supply margin of 3,040 MW.

IEMOP facilitates the trade of power among electric power industry members. — Angelica Y. Yang