A CUTBACK of P3.55 per kilowatt-hour (kWh) will be implemented by More Power to all residential consumers in Iloilo City for the billing month of July.
This was announced recently by More Electric and Power Corporation to all its consumers.
In last month’s billing, the power rate reached P10 per kWh, which means that in July, the billing would be significantly lower with P6.45 per kWh.
Meanwhile, commercial, intermediate and government consumers posted a 30-percent decrease in their per kWh rate.
This is so far the biggest reduction in power rate prices in the City of Iloilo.
According to More Electric and Power Corporation President Roel Castro, what aided the historic reduction in the per kWh rate was the recent connection of all its substations directly to the National Grid Corporation of the Philippines (NGCP), wherein it can purchase power at a lower rate.
Through this, More Power was able to directly purchase 100 percent of its needed power supply a lot lower from the Power Sector Assets and Liabilities Management (Psalm) Corporation, which operates a geothermal plant in Leyte that produces renewable energy.
Compared to other distribution utilities and electric cooperatives, More Power’s rate for the billing month of July is lower by almost half.
With this, More Power will be considered as the distribution utility with the lowest rate for July.
More Power believes that the continued reduction in the billing rate will continue for the next six months and could even be much lesser with the Competitive Selection Process that the company is currently undertaking with its suppliers.
A total of more than P5 has been already reduced to the power rate since More Power took over the utility distribution of the city of Iloilo last year. (SunStar Philippines)