The Philippines suspends electricity spot sales indefinitely due to fuel supply risks and price volatility from the Iran conflict, aiming to prevent a projected 16% surge in power bills.
MANILA: The Philippines has suspended spot sales of electricity indefinitely due to fuel supply risks and price volatility caused by the Iran war.
The Energy Regulatory Commission (ERC) ordered the suspension under a decree declaring a state of national energy emergency.
It expects to finalise a modified pricing scheme by April 1, as historical market prices no longer reflect current geopolitical conditions.
The move follows plans flagged by Energy Secretary Sharon Garin, who said the government would intervene to stop a projected 16% surge in power bills.
During the suspension, the power system will operate under guidelines prioritising renewable energy and conserving critical fuel inventories.
Coal plants may be paid at a fixed rate, while natural gas plants would be paid based on contracted prices, the commission said.
It expects the suspension to remain until conditions are suitable for the safe resumption of normal market operations.
