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Manila Bulletin devider Opinion devider Welcome news in these difficult times

Welcome news in these difficult times

Published Aug 3, 2020 10:36 pm

There was good news for the millions of customers  of  the Manila Electric Co. (Meralco)  this July.  it  announced that its customers would be paying  P1.06 per kilowatt-hour less for the first six months of 2020 than what they used  to pay for the first  six months of the previous year 2019.

From  last year’s P9.25 per kilowatt-hour, the rate was brought down to  P8.19, as a result of  a number of moves  taken in an effort to  lower costs  for its cusomers in this  time of the COVID-19 pandemic  that has  made life so difficult for all.

Like all other businesses and industries, Meralco  had suffered  from  thee pandemic and the restrictions of the Enhanced Community Quarantin e (ECQ)  that began on March 16, followed by the Modified ECQ and  then the General ECQ  that continues  in Metro Manila to this day,

Its net income for the first six months of the year  plunged from P12 billion in 2019 to P6.8 billion  in 2020, due to lower cash inflows,  delayed capital expenditures, and  limitations resulting from the pandemic and lockdown.

It  improved  its systems loss performance  so  it is now 1.34 percent points lower than the government  cap of  7.25 percent.  It  implemented  new power supply agreements, lower Wholesale  Electricity Spot Market  (WESM)  prices,  and  invoked force majeure  claims during the  lockdown. Transmission charges  were lowered because of lower power delivery charges, coupled  with lower average billing demands.  It  achieved  a  21 percent decrease in system loss charges.

Meralco  Chairman Manuel  V.  Pangilinan  said it will continue to find ways to provide reliable  and affordable  electricity  for household  and commercial  consumers, especially  during  this  time of the pandemic.  Meralco is moving with  caution, he said, but it is  positive that  a recovery is in the offing.  And it will be improving its services, including  lowering  system  loss.

Meralco’s announcement  will be welcomed by its millions of customers, especially  in Metro Manila.   It is  also  one more  positive note in this time  of so much negativity and fear arising from the pandemic and its impact on government,   industries,  and  the lives  of ordinary  people.

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Paul Roca
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