MORE Power rates reduced anew

In a positive turn of events for residential consumers in Iloilo City, electric distribution utility MORE Power announced a significant reduction in the average residential rate for the billing months of May to June 2023.

The new rate stands at P12.2990 per kilowatt-hour (kWh), a decrease of P0.9522 per kWh from the previous month’s rate of P13.2511 per kWh.

One of the primary factors contributing to this decrease is the lower generation cost.

For this month, the generation cost has decreased to P7.1182 per kWh, marking a reduction of P0.5362 per kWh.

Several factors have contributed to this decline.

First and foremost, the addition of Energy Development Corp’s geothermal power in the power supply mix has had a positive impact.

Geothermal power, a renewable energy source, is known for its cost-effectiveness and environmental benefits.

Moreover, lower exposure to high spot market prices in the Wholesale Electricity Spot Market also lowered electricity rates in Iloilo City.