MORE Electric and Power Corporation is passing on relief to Ilonggo consumers with a reduction in electricity rates for May, despite upward pressure on global commodity prices stemming from the ongoing crisis in the Middle East.
The residential rate for May is ₱11.8710 per kWh, down from ₱12.14 per kWh in April. The commercial rate falls to ₱11.00 per kWh from ₱11.27 last month.
The movement in retail rates is primarily attributed to a lower transmission charge, which declined to ₱0.26/kWh versus the previous month. The system loss charge was also trimmed by ₱0.027/kWh, reflecting the transmission adjustment; overall system loss improved from 5.37% to 5.20%.
On the other hand, the generation charge rose by ₱0.05/kWh due to higher coal prices and increased freight costs associated with imports. Inflation (CPI) and foreign exchange fluctuations also pushed generation costs upward. Prices in the Wholesale Electricity Spot Market likewise climbed to ₱4.47/kWh.
Despite the uptick in generation costs, MORE Power managed to lower final consumer rates by sourcing cheaper power under bilateral contracts.
“We strive to provide our consumers with the best electricity rates despite the challenges we are currently facing,” said Roel Z. Castro, President and CEO of MORE Power. “MORE Power remains steadfast in ensuring the welfare of Ilonggos by delivering quality and affordable electricity to every household and establishment. As the heat index rises this summer, consumers are encouraged to practice mindful electricity use, since greater appliance demand can lead to higher bills,” Mr. Castro added.
The rate cut provides welcome respite as residents contend with rising prices for basic goods and services. MORE Power said the move reflects its ongoing efforts to ease financial burdens on families and businesses in Iloilo City.
The company is monitoring price and supply conditions heading into June after the National Grid Corporation of the Philippines (NGCP) issued several yellow and red alerts, signaling potential supply shortages relative to demand. MORE Power reaffirmed its commitment to maintaining reliable service and affordable electricity for Ilonggos.
