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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