Higher demand pushes Luzon power spot market price up

MANILA — Electricity prices at the spot market went up in Luzon due to higher demand as temperatures climbed with the expected peaking of the super El Niño phenomenon.

Overall, the average spot price of electricity rose to P8.79 per kilowatt-hour in October 2026 from P7.43/kwh in September 2026, according to data from the Independent Electricity Market Operator of the Philippines.

In the Luzon spot market, power prices increased to an average of P7.83/kwh from just a little over P5.00/kwh last month.

But spot market prices in the Visayas and Mindanao dropped from last month’s rate due to the secondary cap:

	Sept 2026	Oct 2026
Visayas	P12.42/kwh	P11.19/kwh
Mindanao	P12.61/kwh	P11.06/kwh

IEMOP Vice President Sid Cacho said there is minimal impact on Meralco as it purchased less than 10 percent of its overall September supply from the spot market.

The majority of Meralco’s supply comes from contracts and supply agreements.

But Meralco Spokesman Joe Zaldarriaga earlier told ABS-CBN News that the October overall rate is likely up due to the weakening of the peso in October and higher imported fuel prices for power plant suppliers.