ILOILO CITY – For the month of July, there’s a 36-percent drop in electricity rate for consumers in Iloilo City and is projected to be one of the biggest decrease in the country.
Lone power distributor MORE Electric and Power Corp. (MORE Power) announced that electricity rate for residential consumers has dropped to Php6.4562 per kilowatt-hour (kWh) for the month of July from the Php 10.0149/kWh rate for June.
“We have been able to find cheap source of power for Iloilo City,” said MORE Power President Roel Z. Castro.
In a virtual press conference, Castro explained that the lowering of electricity rate is due to MORE Power purchasing power supply from the Power Sector Assets and Liabilities Management (PSALM) and the Wholesale Electricity Spot Market (WESM) and via the National Grid Corporation of the Philippines (NGCP).
To recall, MORE Power was getting 70 percent of its power supply from the power plants of Global Business Power (GBP) for over a period of a year. This was after MORE Power took over the operations of the previous power distributor Panay Electric Co. (PECO), which had a then existing contract with GBP.
Castro particularly mentioned WESM, wherein MORE Power has the option to choose from the more than a dozen power suppliers across the country for the cheapest rate available.