The residential electricity rate provided by Visayan Electric for the billing period of September to October has now decreased to P12.27 per kilowatt-hour (kWh).
This reduction is attributed to the lower electricity prices in the Wholesale Electricity Spot Market (WESM).
To clarify the previous month’s rate, which was P9.37/kWh, it included a one-time refund of P3.00/kWh due to over-recoveries, which Visayan Electric issued to all its customers. Without this refund, the actual rate for the last billing month would have been P12.37/kWh.
Visayan Electric complied with ERC Resolution No. 14 by providing a one-time refund of P3.0002/kWh to its customers for the billing month of August to September.
This refund was prompted by over-recoveries in pass-through charges. Over-recoveries naturally occur when the cost of electricity trends downward. Under-recoveries may also occur when the cost of electricity trends upward.
Visayan Electric president and chief operating officer engineer Raul Lucero emphasized that although electricity rates are currently decreasing, this could change in the coming weeks due to possible increases in fuel prices in the world market as winter approaches in western countries.
“I would like to urge our consumers to always practice energy conservation because our fuel prices are affected by prices in the world market and usually when the winter months approach, fuel prices usually go up because demand for fuel increases. Electricity consumption also usually increases during the holiday season,” he said.
To conserve electricity, consumers are encouraged to unplug appliances not in use, turn off lights when unnecessary, utilize natural light when possible, and ensure that cooling appliances like air conditioners and electric fans are well-maintained for maximum energy efficiency. (WBS)