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Meralco customers brace for higher power costs in February

Business

Meralco customers brace for higher power costs in February

By Gabriell Christel Galang

Manila Electric Co. (Meralco) customers can expect higher electricity bills this February as the power retailer announced a rate increase, driven primarily by higher generation charges.

In a statement on Tuesday, Feb. 11, Meralco announced an increase of P0.2834 per kilowatt-hour (kWh) in the electricity rate for this month, raising the overall rate for a typical household to P12.0262 per kWh.

Joe R. Zaldarriaga, Meralco vice president and head of corporate communications, said this increase was primarily attributed to higher generation charges.

Generation charge rose by P0.3845 per kWh due to higher costs from Independent Power Producers (IPPs) and Power Supply Agreements (PSAs).

IPP charges increased by P0.8355 per kWh due to lower average plant dispatch, a weaker peso, and higher liquefied natural gas (LNG) terminal fees. The peso's depreciation against the dollar also impacted PSA charges, which increased by P0.0837 per kWh.

However, these increases were partially offset by lower charges from the Wholesale Electricity Spot Market (WESM) by P0.3005 per kWh.

Meanwhile, Meralco noted that the transmission charge for residential customers slightly decreased by P0.0013 per kWh.

Taxes and other pass-through charges posted a net increase of P0.1289 per kWh. This month’s rates also reflected one-time downward rate adjustments related to regulatory reset fees.

Meralco’s distribution charge, however, remains unchanged since August 2022.

“We reiterate our call to all our customers to continue practicing energy efficiency as way of life especially with the upcoming summer months,” Zaldarriaga said.

Related Tags

Manila Electric Co. (Meralco) Electricity Bills Joe Zaldarriaga

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