Iloilo distribution utility MORE Electric and Power Corp. (MORE Power) has implemented six consecutive power rate reductions since the start of the year.
The company said its latest reduction of almost P1 brings power rate to P12.29 per kilowatt hour (kWh) in June from May’s P13.25 per kWh.
MORE Power said the drop in charges is due to the decrease in generation cost, pushed by the inclusion of geothermal power to the power supply mix from Energy Development Corp. that lowered value added tax on the generation charge to P0.1613 per kWh.
The company attributed the decline in electricity charges to lower prices in the Wholesale Electricity Spot Market, cheaper coal and reduced transmission charge.
MORE Power said the drop in charges also led to a decrease in system loss charge from 7 percent to 6.49 percent, which also lowers customers’ bills.
Recently, the company initiated a bill deposit refund to their customers.
Bill deposit is what consumers pay when they apply for their electric meter which must be returned by distribution utilities after three years or 36 months, provided that the consumer pays on time and has no record of disconnection.
Under the law, customers must apply for a bill deposit refund but MORE Power initiated the refund by informing stakeholders on the process.
Roel Castro, MORE Power president and chief executive officer, said MORE Power has a P5- million fund for bill deposit refunds so it urged customers to pay on time to qualify for the refund. -Jed Macapagal
