Good news! MORE Electric and Power Corporation (MORE Power) announced that they will be charging a lower electricity rate for Iloilo City consumers in their initial billing.
In an interview over Bombo Radyo Iloilo on Friday, MORE Power President and Chief Operating Officer Atty. Roel Castro said that their total effective rate for residential consumers will only be P9.61 per kilowatt-hour.
“We are happy to announce that the total effective rate that we will be charging to each consumer will be at the vicinity of P9.61 per kilowatt-hour,” Castro said.
“I think this is the first time na single digit ang ating rate, that we will be charging for the period starting February 29 to the cut-off of March 25,” Castro remarked.
There will be a slight difference in charges for various classifications of consumers and the loads that they have used, he added.
According to MORE, previous distribution utility charged up to P10.35 per kwh last February. That’s 74 centavos higher than the electricity rate the new power utility is offering.
Castro explained that they were able to lower the rate by maximizing the use of open market such as Wholesale Electricity Spot Market (WESM) where cost of power is cheaper.
“Why are we low? We have the flexibility to draw power on where it is cheaper,” Castro said.
MORE Power said that 30 percent of power supply is sourced from KEPCO SPC Power Corp. and WESM, while 70 percent is taken from Panay Energy Development Corporation (PEDC) and Panay Power Corporation (PPC).
Castro said that PEDC and PPC have already sent billing to MORE Power last April 15 with covered period starting February 29.
The new distribution utility will start reading the meters and issue billing on April 20. Consumers will be given 40-day grace period or extension of payments due to enhanced community quarantine being implemented in the city amid Covid-19 crisis.