Daily Market Update

Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

System - Energy Offers, Available Supply, and Demand (Ex-ante)

Market Highlights & Results AVAILABLE SUPPLY
10,000
• Congestion occurred at 1200H (RTD) and 1900H (RTX) due to a constraint at the Leyte-Cebu OFFER

9,000 DEMAND
submarine cable. However, these market runs were not subjected to the Price Substitution
Methodology (PSM). 8,000
• Pricing error notices (PEN) were issued for trading intervals 0900H to 2000H (RTD) due to 7,000
contingency constraint violations at the Zapote Sub-station. 6,000
• Price separation was experienced between the Luzon and Visayas Grids for trading intervals

MW
5,000
0600H to 0800H, 2100H, 2200H (RTD, RTX), 0900H, 1300H, 2000H (RTX), 1100H, and 2300H
(RTD) due to a binding HVDC limit. 4,000

3,000
Luzon Actual Events 2,000
• Ex-ante system demand peaked at 6,105 MW, while market offers reached a maximum of 7,236
1,000
MW with sufficient supply and offers for all trading intervals.
• New San Manuel EHV 230 kV Bus B was de-energized from 0712H to 1114H. 0

• Casecnan-San Manuel 230 kV Line 1 was de-energized from 0735H to 1834H. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

• Temperature: Min: 22°C, Max: 28°C

• Rainfall: 1.2 mm
• Northeast monsoon prevailing over Luzon. System - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
SYSTEM LWAP
10,000 EST. PRICE 10,000
Visayas Actual Events
UNCONS. PRICE
• Ex-ante system demand peaked at 1,118 MW, while market offers reached a maximum of 1,195 ADMIN PRICE
MW with sufficient supply and offers for all trading intervals. 8,000
MAX NODAL PRICE
8,000

• Power Barges PB 102 and 103 were designated as must-run units (MRU) with capacities ranging

SYSTEM LWAP (PhP/MWh)

MIN NODAL PRICE

NODAL PRICE (PhP/MWh)

from 5 MW to 15 MW for the intervals 1800H to 2200H to avoid overloading of the Leyte-Cebu 6,000 6,000
submarine cable.
• PEDC (Panay Energy Development Corp.) was included in the security limits settings by the
System Operator with capacities ranging from 48 MW to 60 MW for the whole trading day while 4,000 4,000

undergoing testing and commissioning requirements.

• Temperature: Min: 24 °C Max: 28°C 2,000 2,000
• Rainfall: 27.44 mm
0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante) Visayas - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
LUZON LWAP VISAYAS LWAP
10,000 EST. PRICE
10,000 10,000 EST. PRICE 10,000
UNCONS. PRICE UNCONS. PRICE

ADMIN PRICE ADMIN PRICE

8,000 8,000 8,000 8,000
MAX NODAL PRICE MAX NODAL PRICE

SYSTEM LWAP (PhP/MWh) MIN NODAL PRICE

SYSTEM LWAP (PhP/MWh)

MIN NODAL PRICE

NODAL PRICE (PhP/MWh)

NODAL PRICE (PhP/MWh)

6,000 6,000 6,000 6,000

4,000 4,000 4,000 4,000

2,000 2,000 2,000 2,000

0 0 0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
1 Daily Market Update
 Daily Market Update
Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

System - Offer, Demand, and Price (Ex-ante) System - Load Weighted Average Price Distribution (Ex-ante)
TODAY
Trading Day Same Day 100
THIS MONTH
TD-1 % Change from
(TD) Last Week
Particulars
80
31-Jan 30-Jan 24-Jan Same Day Last
TD-1

PERCENT OF TIME
Mon Sun Mon Week
Max 8,430 7,999 8,305 5.4% 1.5% 60

Offer (MW) Min 7,492 7,259 7,349 3.2% 2.0%

Ave 7,957 7,717 7,860 3.1% 1.2% 40
Max 7,206 6,350 7,681 13.5% -6.2%
Demand (MW) Min 4,682 4,727 4,895 -1.0% -4.4% 20
Ave 6,102 5,452 6,466 11.9% -5.6%
Max 3,583 2,464 5,727 45.4% -37.4%
0
LWAP (P/MWH) Min 0 0 2,017 -100.0% 0 and Below 0 - 2000 2000 - 4000 4000 - 6000 6000 - 8000 8000 - 10000 10000 and Above
Ave 1,666 1,367 2,708 21.9% -38.5%

Pricing Error Notice (PEN) Summary HVDC Flow Schedule

LUZON TO VISAYAS
Ex-Ante Ex-Post 300
VISAYAS TO LUZON
Hour
PErr System Price Remarks PErr System Price Remarks 250
1 - 245.72 LWAP_D - 59.43 LWAP_X 200
2 - 0.00 LWAP_D - 0.00 LWAP_X
150
3 - 0.00 LWAP_D - 0.00 LWAP_X
100
4 - 0.00 LWAP_D - 0.00 LWAP_X

MW
- 0.00 LWAP_D - 0.00 LWAP_X 50
5
6 - 2,048.57 LWAP_D - 2,777.32 LWAP_X 0

7 - 1,995.84 LWAP_D - 1,945.43 LWAP_X -50

8 - 2,219.43 LWAP_D - 2,662.29 LWAP_X -100
9 PEN 2,156.99 LWAP_X - 2,156.99 LWAP_X
-150
10 PEN 2,275.55 LWAP_X - 2,275.55 LWAP_X
-200
11 PEN 2,530.72 LWAP_X - 2,530.72 LWAP_X
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
12 PEN 2,222.39 LWAP_X - 2,222.39 LWAP_X
13 PEN 2,062.89 LWAP_X - 2,062.89 LWAP_X Generation Mix by Resource (Ex-ante)
14 PEN 2,594.84 LWAP_X - 2,594.84 LWAP_X
15 PEN 2,212.72 LWAP_X - 2,212.72 LWAP_X LUZON GENERATION MIX VISAYAS GENERATION MIX
HYDRO
16 PEN 2,218.69 LWAP_X - 2,218.69 LWAP_X 0.1%
OIL-BASED
1.9%
17 PEN 2,154.93 LWAP_X - 2,154.93 LWAP_X
18 PEN 1,696.50 LWAP_X - 1,696.50 LWAP_X COAL
19 PEN 3,583.21 LWAP_X - 3,583.21 LWAP_X COAL 30.8%
34.9%
20 PEN 1,854.75 LWAP_X - 1,854.75 LWAP_X
21 - 1,522.79 LWAP_D - 1,515.81 LWAP_X NAT GAS
22 - 2,016.48 LWAP_D - 2,017.70 LWAP_X 48.4%

23 - 1,927.73 LWAP_D - 1,002.42 LWAP_X

24 - 448.24 LWAP_D - 294.43 LWAP_X
GEO
67.1%
GEO
8.7%
HYDRO
8.0%

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
2 Daily Market Update
 Daily Market Update
Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

Luzon - Outage by Resource Visayas - Outage by Resource

DIESEL/OIL DIESEL/OIL
4,000 1,000
NAT GAS COAL

3,500 COAL GEO

GEO 800 HYDRO

3,000
HYDRO

2,500
600
MW

MW
2,000

400
1,500

1,000
200
500

0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon - List of Plants on Outage Visayas - List of Plants on Outage

PLANT NAME DATE/TIME OUT DATE/TIME IN REASON PLANT NAME DATE/TIME OUT DATE/TIME IN REASON
HYDRO GEOTHERMAL
Magat 4 01-Nov-10 00:01 For refurbishment NNGP 22-Nov-10 00:09 Plant S/D for steam study
COAL PGPP1 Unit 1 28-Jan-11 00:04 31-Jan-11 21:18 Electromagnet core imperfection test
On emergency shutdown due to tube leak at the COAL
Calaca 1 21-Jan-11 22:27 31-Jan-11 17:34
long reatractable sootblower area Emergency shutdown due to Boiler Feed Pump
Cebu TPP 1 27-Jan-11 10:40
QPPL 27-Jan-11 23:59 APMT (BFP) problem
GEOTHERMAL OIL-BASED
Bacman 1 26-Mar-09 10:20 Tripped due to high condenser level LBGT 1 22-Jan-10 06:24 Low fuel pressure
Bacman 2 16-Feb-08 17:20 Bearing vibration LBGT 2 22-Jan-10 06:27 Low fuel pressure
Bacman 3 03-Sep-05 11:00 Deactivated S/D PB101 Unit 1 03-Dec-10 18:01 Repair and rewinding of auxiliary transformer
Bacman 4 13-Apr-09 08:44 Annual overhauling PB101 Unit 2 03-Dec-10 18:01 Repair and rewinding of auxiliary transformer
Makban 5 24-Dec-09 23:13 Defective cooling tower fan A PB101 Unit 3 03-Dec-10 18:01 Repair and rewinding of auxiliary transformer
Makban 6 12-Jul-06 19:02 Turbine vibration PB101 Unit 4 03-Dec-10 18:01 Repair and rewinding of auxiliary transformer
Tiwi 3 23-Oct-05 13:26 Steam fed to Unit 2 for testing PDPP3 E 07-Jan-11 12:05 High exhaust gas temperature
OIL-BASED
Limay 1 05-Nov-10 00:01 Annual overhauling
Limay 3 08-Nov-10 04:01 Annual overhauling
Limay 7 31-Jan-11 15:31 Class A inspection

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
3 Daily Market Update
 Daily Market Update
Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

Market Residual Supply Index vs. Pivotal Suppliers

MARKET RSI

200 PIVOTAL SUPPLIERS 20

NO. OF PIVOTAL SUPPLIERS

160 16
MARKET RSI (PERCENT)

120 12

80 8

40 4

0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon Plants - Pivotal Supplier Frequency Index Visayas Plants - Pivotal Supplier Frequency Index
100

80
PERCENT OF TIME

60

40
Note: No pivotal supplier Note: No pivotal supplier
20 during the trading day during the trading day

0
SUAL CFTPP KEPCO ILIJAN STA RITA FGPP

Luzon Plants - Price Setting Frequency Index (Ex-ante) Visayas Plants - Price Setting Frequency Index (Ex-ante)

PERCENT PERCENT
100 20 100 20
FREQUENCY FREQUENCY

80 16 80 16
PERCENT OF TIME

PERCENT OF TIME
60 12 60 12
FREQUENCY

FREQUENCY
40 8 40 8

Note: No price setting plant Note: No price setting plant

20 during the trading day 4 20 during the trading day 4

0 0 0 0

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
4 Daily Market Update
 Daily Market Update
Trading Day: 31 January 2011, Monday
Daily Market Update Primer
This report aims to provide an overview of the actual market movements that
transpired during the previous trading day.
Energy Offers, Available Supply, and Demand (Ex-ante)
Description: This chart shows the trend of hourly energy offers, available supply, and system
demand at ex-ante. Information is available separately for both the Luzon and
Visayas Grids.
Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
Description: This chart shows the hourly trend of the Load Weighted Average Price (LWAP)
and the maximum and minimum nodal prices during the trading day.
It may also include price estimates (which are based on the offer merit order of
generators that are actually dispatched during trading hour/s with pricing error/s
other than those that were subject to the Price Substitution Methodology or PSM),
administered prices (which are based on the average of the ex-post energy nodal
prices of the four (4) most recent same day, same hour trading intervals that have not
been administered) and the unconstrained price for trading intervals that have been
subjected to the PSM.
System - Offer, Demand, and Price
Description: This table shows the summary of market results, particularly on the system's
supply-demand condition and its resulting prices at ex-ante. The maximum, minimum,
and average values in this table involve results in both the Luzon and Visayas Grid
and are independent of the values when these regions are considered separately.
Offer: Shows the average, maximum, and minimum system energy offers for the current
trading day, previous day, and same day last week.
Demand: Shows the average, maximum, and minimum system demand for the current
trading day, previous day, and same day last week.
LWAP: Shows the average, maximum, and minimum ex-ante system LWAP for the current trading
day, previous day, and same day last week. These include price estimate/s for
trading hour/s with pricing error/s (PEN), unconstrained price/s in cases where the
Price Substitution Methodology or PSM is applied, and those under market
intervention. In cases where only the ex-ante price have pricing errors due to CVCs
and other PEN (other than congestion CVCs), the ex-post price is used. If both
ex-ante and ex-post have pricing error/s as a result of the CVCs and other PEN (other
than congestion CVCs), the price estimate is used. However, if either or both the RTD
and RTX have PEN due to congestion,CVCs and the PSM are applied, then the
unconstrained price will be reported (i.e. prices for constrained-on plants will not be
reported for the purposes of this report). Full details on the PS prices are published
at http://www.wesm.ph/market.results.download.
Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
5 Daily Market Update
Ref# DMU_20110131-031
Pricing Error Notice (PEN) Summary
Description: The PEN Summary Table highlights the pricing results and indicative price levels for all
the trading hours for both the ex-ante and ex-post market runs. A hyphen “-” notation
under the column “PErr” (Pricing Error) indicates that the market run has no pricing error and
has an indicative price pertaining to its load weighted average price (LWAP_D for RTD and
LWAP_X for RTX). A “PSM” notation under the column “PErr” indicates that the PSM
(Price Substitution Methodology for congestion) was applied with a price corresponding
to the unconstrained market clearing price at either the RTD (UNCP_D) or RTX (UNCP_X).
On the other hand, a “PEN” notation under the column “PErr” indicates that a pricing error
was encountered due to constraint violations or pricing errors other than due to the PSM.
In which case, the indicated price will be remarked as Price Estimate (PE). If market
intervention or suspension is encountered during a trading interval, an “MI” notation will be
indicated under the column “PErr” and the corresponding price will be pertaining to the
equivalent customer Administered Price (AP).
It must be noted, however, that the pricing conditions indicated in this table are not yet final
and may be subject to revisions.
Load Weighted Average Price Distribution (Ex-ante)
Description: This chart shows the distribution of the hourly System LWAP (which covers all of the
resources in the Luzon and Visayas Grids) during the trading day and the current billing
month. The daily and monthly percent of time is calculated based on a 24-hour time period
and the total number of hours during the current billing month as of the trading day,
respectively.
The hourly System LWAP includes price estimates based on the offer merit order of
generators that are actually dispatched during the trading hour/s with pricing error/s
(other than congestion), administered prices (which are based on the average of the ex-post
energy nodal prices of the four (4) most recent same day, same hour trading intervals that
have not been administered) and the unconstrained price for trading intervals that have been
subjected to price substitution.
HVDC Flow Schedule
Description: This chart shows the scheduled HVDC flow at ex-ante, which can either be from
Visayas to Luzon, from Luzon to Visayas, or zero (no power interchange between
the Luzon and Visayas Grids).
Generation Mix by Resource (Ex-ante)
Description: This pie chart shows the daily generation mix by resource type (in %) based on the scheduled
generation during the trading day. Information is available separately for both the Luzon and
Visayas Grids.
Outage by Resource (Ex-ante)
Description: This chart shows the capacity on outage (in MW) by resource type during the trading day.
Information is available separately for both the Luzon and Visayas Grids.
 Daily Market Update
Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

Market Residual Supply Index vs. Pivotal Suppliers

Description: The Market Residual Supply Index (RSI) is a dynamic continuous index that provides
additional information to the concept of PSI, by measuring the ratio of the available
generation without a generating plant to the total generation required to supply demand.
The RSI is measured on a continuous scale rather than binary, as in the case of Pivotal
Supply Index (PSI).

The RSI of the whole Market (Market RSI) is the lowest RSI among all generating
plants in the market. Market RSI less than 100% indicates the presence of pivotal
supplier/s.

The chart shows the trend of hourly Market RSI (left Y-axis) and the number of pivotal
supplier/s (right Y-axis) where the Market RSI is below 100%. The PSI and RSI are
calculated based on the generating plants' offered capacity.

Pivotal Supplier Frequency Index

Description: The Pivotal Supply Index (PSI) is a binary variable (1 for pivotal and 0 for not pivotal)
which measures for a generating plant in a particular period of time whether, given the
market conditions of demand and generation, the demand can be supplied without that
generating plant. The Pivotal Supplier Frequency Index (PSFI) measures the frequency
that a generating plant is pivotal in a particular study period.

The chart shows the percentage of time that a generating plant is pivotal during the
trading day. The PSI is calculated based on the generating plants' offered capacity.
Information is available separately for both the Luzon and Visayas Grids.

Price Setting Frequency Index (Ex-ante)

Description: This chart shows the frequency (right Y-axis) and percentage of time (left Y-axis)
that a generating plant became the marginal generator (price setter) during the
trading day. The percent of time is calculated based on a 24-hour time period.
Information is available separately for both the Luzon and Visayas Grids.

The total frequency and percentage may exceed 24 and 100%, respectively, as
there may be instances of more than one marginal plant during a given trading hour.

A power plant with more than one registered trading node is also considered a
marginal generator if at least one of its trading nodes sets the price during a given
trading hour.

The chart, however, excludes trading hour/s with pricing error/s and/or under
market intervention/suspension.

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
6 Daily Market Update
 Daily Market Update
Trading Day: 31 January 2011, Monday Ref# DMU_20110131-031

Description of Terms

1 Administered Price – is the price applied in the settlement during trading intervals whereby the System 17 Price Substitution Mechanism (PSM) for Congestion – is the mechanism agreed on by market participants
Operator (SO) intervened in the market, or when the market has been suspended by the Energy and approved by the Energy Regulatory board under ERC Case No. 2008-051 RC. This mechanism uses
Regulatory Commission (ERC). It is calculated as the average of the ex-post energy nodal prices of a trigger factor to determine if an interval that has encountered congestion will be subjected to price
the four (4) most recent same day, same hour trading intervals that have not been administered. substitution.

2 Available Supply – is the aggregate MW of the generation security limits imposed by the SO, energy 18 Unconstrained Price – under the PSM, the unconstrained price will be the settlement price for generators
offers, and HVDC schedule less the generation capacities on outage and generator ramp limitations that are not ‘constrained-on’. The unconstrained price is the market clearing price in the unconstrained
(if any). solution of an ex-ante or ex-post run that has been determined as subject to price substitution.

3 Average Demand – is the mean of the hourly ex-ante demand for the day. 19 Unconstrained Solution – is derived by a merit order stacking of the available generators based on their
energy offers for the relevant trading interval, taking into consideration the generator outages, security
4 Average Offers – is the mean of the hourly energy offers for the day. limits, and the system demand (load + losses) accounted for in the original (i.e., constrained) run.

5 Constrained Solution – is the original ex-ante or ex-post market run that was outputted by the Market
Dispatch Optimization Model (MDOM) calculations.

6 Constrained-on Generators – are those generation units that were scheduled to run pursuant to the
original market solutions, but would have been scheduled to run at a lower quantity based on the
unconstrained solution.

7 Constrained-on Price – is the settlement price for generator/s that are constrained-on in a trading
interval that has been determined as subject to price substitution.

8 Daily Ex-Ante Average Load Weighted Average Price (LWAP) – is the mean of the hourly ex-ante LWAP
for the whole trading day.

9 Energy Offers – is the sum of all the last offer block quantity (in MW) of all generators with valid offers
for a particular trading interval.

10 Ex-Ante Demand – is the forecasted system demand (in MW) for the end of each trading interval.

11 Hourly Ex-Ante LWAP – is the load weighted average of the nodal prices (in PhP/MWh) in the ex-ante
market for each trading interval. It is calculated by summing the products of the nodal price and nodal
load quantity, and dividing the result with the sum of the nodal loads for each trading interval.

12 Market Intervention – is a condition whereby the SO assumes the responsibility for giving directions
and coordinating the actions to be undertaken by the Market Operator and trading participants,
including the scheduling of generators for a particular trading interval.

13 N-1 Contingency Limitation – is a transmission line capacity limitation set by the SO on particular
transmission lines to comply with the N-1 contingency requirements of the transmission system in order
to maintain system reliability and security.

14 Nodal Price – is the other term used for Locational Marginal Price or LMP (in PhP/MWh) for each market
trading node.

15 Pricing Error Notice (PEN) – is a notice issued by the Market when there are no ex-ante prices determined,
or the calculated prices are believed to be in error as in cases when the ex-ante prices are reflective of
constraint violation coefficients.

16 Price Estimate – is calculated based on the highest offer price of all generators that are dispatched for the
relevant interval. This price is indicative only and is not the actual substitute price that will be used in the
settlements of the transactions in the trading interval.

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that
transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs
incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.
7 Daily Market Update