PRESIDENT Ferdinand Marcos Jr. said the Energy Regulatory Commission (ERC) temporarily suspended the Wholesale Electricity Spot Market (WESM) operations during red alerts to control electricity prices.
In his speech during the Labor Day event in Malacañang on Wednesday, Marcos said this emergency measure would stop the rapid increase of electricity prices that could worsen the economic strain on the public.
The WESM is a trading market for electricity in the Philippines that is governed by the Philippine Electricity Market Corporation.
Prices in the WESM are determined through commercial and market forces.
“Due to the intense heat, electricity consumption is increasing, which contributes to rising prices,” Marcos said.
“The measure taken by the ERC to suspend WESM operations under Red Alert conditions is a proactive step to shield our consumers from unpredictable and potentially exorbitant costs,” he added. (GP)
ERC suspends WESM to control power rates
