The residential electricity rate in Iloilo remains the lowest in Western Visayas despite a P1.02 per kilowatt-hour (kWh) increase in the May-June 2024 billing.
The hike brings the overall rate for a household to P11.3263/kWh. This will be reflected on their customers’ bills from May 18 to June 12.
According to Niel Parcon, MORE Power Vice President for Corporate Energy Sourcing and Regulatory Affairs, they managed to maintain competitive rates due to its bilateral contracts with power generators.
“This strategy has limited its exposure to the Wholesale Electricity Spot Market (WESM), where prices increased from P8.67/kWh to P11.85/kWh,” he said.
These changes come amidst a tight supply situation, highlighted by the “red” and “yellow” alerts declared by the National Grid Corporation of the Philippines (NGCP) in Luzon and Visayas over the past two months.
In anticipation of the increase in demand for the summer, Parcon said they have secured bilateral contracts of 66 percent.
“Thus, our exposure to WESM is only 34 percent. In fact, our energy purchases for this billing cycle have increased by 19 percent,” he added.IMT
