The electricity spot market continued to register monthly reductions in rates in October as a result of to higher supply and lower demand due to cooler temperature.

In a statement, the Philippine Electricity Market Corp. (PEMC) said effective settlement spot prices (ESSPs) in the wholesale electricity spot market (WESM) fell seven percent from P2.86 per kilowatt-hour in September to P2.48 per kwh in October.

PEMC said this month’s ESSP is the lowest since October 2015.

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