Increased power supply drives down February WESM prices

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Increased power supply drives down February WESM prices;  Rice likely to hit P45/kg by end-March;  Steel plant in Bulacan now solar-powered   For more news, visit:  ►https://www.ptvnews.ph/  Subscribe to our DailyMotion Channel: ►http://www.dailymotion.com/peoples-television-incorporated  Subscribe to our YouTube channel: ►http://www.youtube.com/ptvphilippines  Like our Facebook pages: ►PTV: http://facebook.com/PTVph  ►Rise and Shine Pilipinas: https://www.facebook.com/riseandshinepilipinas  Follow us on Twitter:  ►http://twitter.com/PTVph  Follow us on Instagram: ►https://www.instagram.com/ptvph  Watch our livestream on:  ►http://ptvnews.ph/livestream/ ►https://www.dailymotion.com/PTVPhilippines  Watch our News Programs, every Mondays to Fridays  Rise and Shine Pilipinas - 6:00 - 7:00 am | 7:30 - 8:00 am Balitang Pambansa - 7:00 - 7:30 am | 12:00 - 12:30 pm | 6:00 - 6:30pm | 9:30 - 10:00 pm PTV Sports - 8:00 - 9:00 am Bagong Pilipinas Ngayon - 12:30 - 1:00 pm Sentro Balita - 1:00 pm - 2:00 pm Ulat Bayan - 6:30 pm - 7:00 pm PTV News Tonight -  10:00 pm - 10:30 pm  Saturday & Sunday: ►Sentro Balita Weekend - 1:30 - 2:00 pm ►Ulat Bayan Weekend - 6:15 pm - 7:00 pm

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00:00Prices of power in the Wholesale Electricity Spot Market, or WESM,

00:05dropped in February due to the increased supply in the system.

00:10Data from the Independent Electricity Market Operator of the Philippines

00:14show that the average system price declined by 7.8% to P2.73 per kWh from P2.96 per kWh in January.

00:26This is last month's supply increased to 20,512 MW from 20,110 MW while demand increased to 12,904

00:37MW from 12,529 MW. IEMOK also said coal remains the largest contributor to the generation mix at

00:4755.8% while natural gas is at 17%. Solar energy's share in generation grew to 4.1%.

00:56Meanwhile, Malacanang announced that the price of rice could be lowered to P45 per kg by the end

01:02of March. Palace Press Officer Undersecretary Claire Castro said that according to Agriculture

01:08Secretary Francisco Chu Laurel Jr., the average price of rice could drop from the current P49

01:14per kg to P45 by March 31. The decrease was because of the drop in the world prices.

01:21Castro also said Laurel announced that the maximum suggested retail price for pork could

01:27be set by March 10, with the price of kasi min pige going to P350 to P360 per kg and liempo at

01:34P380 per kg. In other news, StilAsia, the country's largest steelmaker, announced it has installed

01:42solar panels in its plant in Balacan. StilAsia has partnered with Total Energy's INEOS to commission

01:49a 1.9-megawatt peak of solar power in its steel facility in Maycawayan City. The system will

01:55generate approximately 2,700 megawatt-hours of renewable electricity annually. StilAsia

02:02said this is part of its initiatives to integrate renewable energy in its operations. StilAsia's

02:08manufacturing facilities in Calaca, Batangas and Copacabana, Cebu are using geothermal power.

02:16And that's the latest business news from the Philippine News Agency.

02:21This is Stephanie Civiliano for Balitang Pumbansa.

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