Iloilo electricity rate to drop further
Iloilo power distributor MORE Electric and Power Corp. (MORE Power) implemented lower electricity rates for residential customers in the city for the eighth consecutive month this year due to reduced fuel costs.
In a statement, MORE Power said it cut power rates by P0.4333 per kilowatt-hour (kWh) in the August billing period, lowering the total rate to P10.984 per kWh from P11.4173 per kWh in July.
According to the Enrique Razon-owned company, a reduction in the generation charge by P0.3939 per kWh countered the increased delivery and ancillary service charge of P0.0659 per kWh imposed by National Grid Corp. of the Philippines.
This was on the back of reduced fuel costs from purchased electricity from its suppliers, MORE Power explained. It also lowered system loss charge by P0.0237 per kWh, as its 12-month average system loss remained low at 5.85 percent in July.
“Despite challenges, we persist in delivering tangible benefits to our customers. This achievement stands as a testament to the dedication and patience of our energy sourcing team, as they consistently seek cost-efficient power generation supply, incorporate renewable energy, and leverage favorable market conditions,” said MORE Power president and CEO Roel Castro.
The company recently signed a tripartite agreement with the Energy Regulatory Commission and the Iloilo local government to promote the use of clean energy in the city and manage electricity costs through the establishment of a “one-stop shop.”
Under the agreement, MORE Power’s one-stop shop will offer renewable energy technologies, such as net metering and distributed energy sources (DERs), to provide its customers with more options to lower energy consumption.
DERs are smaller power sources that could be aggregated to provide additional supply. Consumers may also install their own solar panels of up to 100 kilowatts to meet their electricity demand through net metering.