MORE Electric and Power Corporation (More Power) announced that its residential electricity rate for August has increased to P10.88 per kilowatt-hour (kWh), a P0.27 rise from July’s P10.61 per kWh.
The utility firm attributed the adjustment to higher generation costs from the Wholesale Electricity Spot Market (WESM), where effective rates climbed to P4.28 per kWh from P3.64 per kWh in July.
The spike reflects the nationwide increase in spot market prices.
Despite the higher generation cost, More Power said it managed to limit the overall impact on consumers by implementing cost management measures and strategic sourcing.
“More Power remains committed to mitigating market-driven cost fluctuations while ensuring reliable and affordable electricity for Iloilo City households,” the company said in its advisory.
The utility firm added that the increase was partly offset by lower transmission charges this month due to reduced adjustments from previous bills.
Industry analysts noted that other power distributors across the country are facing similar challenges as WESM rates continue to fluctuate with supply and demand. (Leo Solinap/SunStar Philippines)