Philippines Suspends Electricity Market to Prevent Price Surge

The Philippines suspended its wholesale electricity spot market on Thursday, the latest in a series of emergency measures meant to address energy supply risks and price volatility triggered by the Middle East conflict.

The Energy Regulatory Commission ordered the temporary suspension of the Wholesale Electricity Spot Market, and will in the meantime adopt a new pricing mechanism, Chairman and CEO Francis Saturnino Juan said in a statement. The market will be suspended until conditions are suitable to resume normal operations.