MORE Power lowers October electricity rates by PHP 1.35
By Francis Allan L. Angelo
MORE Electric and Power Corporation has announced a substantial reduction in electricity rates for October, benefiting both residential and commercial consumers.
Residential customers will see rates decrease from PHP 12.44 per kilowatt-hour (kWh) in September to PHP 11.087 per kWh this month.
Commercial users will experience a similar drop, with rates falling from PHP 11.760 per kWh to PHP 10.405 per kWh.
According to MORE Power, the rate reduction is primarily due to a decrease in generation charges following stabilized prices in the Wholesale Electricity Spot Market (WESM).
The company said the recent decline follows a sharp hike in September, which was triggered by multiple yellow alert advisories issued by the National Grid Corporation of the Philippines (NGCP) in August.
“When NGCP issues a yellow alert, this means that the supply margin falls below the capacity of the largest generating unit in the grid,” MORE Power explained in a statement.
“This indicates that the available supply is insufficient to meet demand securely, especially amid rising demand,” the company added.
In September, residential customers were charged PHP 12.44 per kWh, up PHP 1.56 from August’s rate of PHP 10.88 per kWh.
Commercial rates also increased during that period, rising to PHP 11.76 per kWh compared to PHP 10.19 in August.
MORE Power attributed these increases to higher power supply costs in the WESM and elevated transmission and reserve market prices.
The generation charge in September rose to PHP 6.1437 per kWh from PHP 4.9128 in August, reflecting the surge in WESM rates.
To keep rates down, MORE Power said it carefully strategizes its electricity procurement and supports long-term bilateral power supply contracts.
The company reiterated its commitment to delivering affordable electricity and reliable service to Ilonggo consumers.
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