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Reuters
24-07-2025
- Business
- Reuters
Philippines' rising renewables use could push power prices 24% lower by 2029, market operator says
SINGAPORE, July 24 (Reuters) - Increasing adoption of renewable energy in the Philippines could push average annual spot power prices as much as 24% lower by 2029, its power market operator said on Thursday. Spot power prices in the Philippines have fallen to a post-pandemic low of 4.14 Philippine pesos ($0.0731) per kilowatt-hour (kWh) in the first half of 2025, data from the Independent Electricity Market Operator of the Philippines (IEMOP) showed. Increased output from cheaper renewable generators have helped displace higher-priced plants this year, the IEMOP said, estimating planned green energy capacity additions to slash prices by 0.90–1.32 pesos per kWh by 2029. Spot electricity prices averaged 5.58 pesos/kWh last year. Natural gas-fired power plants - which can quickly adjust generation to offset renewable supply volatility - also output this year, IEMOP said, helping bring spot prices down. The Philippines, which has the most coal-dependent grid in the region, is on track for an annual decline in coal-fired electricity output for the first time since 2008 due to rising liquefied natural gas-fired power generation. Lower prices on the spot power market don't necessarily translate into reduced electricity tariffs for Philippine residents, who pay the second highest electricity tariffs in southeast Asia behind Singapore. The country's top power retailer Manila Electric Co (MERALCO) ( opens new tab increased tariffs this month despite lower spot prices, citing higher charges from power generators with whom it has expensive supply deals. However, most retailers have increased buying on the spot market, as they seek to cut costs by reducing dependence on pricey long-term supplies. The share of spot market purchases rose to 21% of overall supply in the 24 months ended June, compared with 12% in the preceding two years, an analysis of IEMOP data showed. ($1 = 56.6450 Philippine pesos)
GMA Network
23-07-2025
- Climate
- GMA Network
Meralco close to full restoration of power in flood-hit areas
Pangilinan-led Manila Electric Co. (Meralco) on Wednesday afternoon said it is now close to fully restoring power services in flood-hit areas, as less than 2,800 customers continue to be hit by the outages brought about by inclement weather conditions. In an advisory, Meralco said 2,790 customers are affected by power outages as of 4 p.m. on Wednesday, July 23, majority of whom were in Cavite, Metro Manila, and Bulacan. This is down from 12,000 as of 7 a.m., and 167,000 customers as of 7 a.m. on Tuesday, July 22. 'As we near completion of our restoration activities, we would like to thank our customers for their patience and understanding and assure them that we will continue to closely monitor the weather situation and respond to electricity-related incidents, while prioritizing safety,' Meralco vice president Joe Zaldarriaga said. Meralco constructs, operates, and maintains electric distribution systems in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal, as well as certain areas in the provinces of Batangas, Laguna, Pampanga, and Quezon. Classes at all levels and government work have been suspended in parts of Luzon and the Visayas on Thursday, July 24, due to inclement weather.
