Ample supply and cooler temperatures drove Wholesale Electricity Spot Market (WESM) rates down by nearly half as of end-September.

In a statement, the Philippine Electricity Market Corp. (PEMC) said there was a considerable dip in the final effective settlement spot prices (ESSPs) for the September 2016 billing period at P2.86 per kilowatt-hour from P4.17 per kwh the previous month.

ESSPs refer to the average prices paid by customers for energy bought from the spot market, which is operated by PEMC.

The continued drop in WESM prices was attributed to adequate power generated by power plants, coupled with cooler temperature which brought down demand.

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