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Manila Bulletin devider Business devider The Economy devider Record-low peso, surging summer demand drive up Meralco rates for April

Record-low peso, surging summer demand drive up Meralco rates for April

Published Apr 10, 2026 12:12 pm  |  Updated Apr 10, 2026 01:51 pm

While fuel prices are expected to drop next week, Manila Electric Co. (Meralco) consumers will face higher electricity rates this month.

Effective April, Meralco will see a ₱0.5335-per-kilowatt-hour (kWh) increase in its power rates, from ₱13.8161/kWh to ₱14.3496/kWh. For households consuming 200 kWh, this could result in a ₱107 increase in their monthly bill.

Meralco spokesperson Joe Zaldarriaga said on Friday, April 10, that prices this month have gone up as the generation charge rose to ₱8.3864 from ₱7.8607/kWh. This spike was said to be caused by the peso’s depreciation against the US (United States) dollar, affecting 99 percent of First Gas Sta. Rita and San Lorenzo gas plants and 44 percent of the company’s other US dollar-denominated power supply deals. The oil-vulnerable peso plunged to record lows last March amid the global energy price and supply shocks caused by the war in the Middle East.

In turn, charges from First Gas and its other power supply agreements (PSAs) increased by ₱1.2342 and ₱0.1989/kWh, respectively.

Likewise, surging summer demand has already taken a toll, as Wholesale Electricity Spot Market (WESM) charges rose by ₱2.3955/kWh due to tighter supply in the Luzon grid.

Larry Fernandez, Meralco vice president and head of utility economics, clarified that these adjustments have yet to account for the direct impact of the Middle Eastern conflict. Noting that Meralco has a liquefied natural gas (LNG) share in its power mix, he said the effects will likely kick in by May. LNG is a fuel source also affected by the US-Iran-Israel war.

According to Fernandez, Meralco consumers have yet to feel the effects of skyrocketing fuel prices on the April generation charge, as it reflects March costs. Additionally, he said current fuel imports had already arrived prior to intensified strikes in the Middle East.

He also noted that the Department of Energy (DOE) and the Energy Regulatory Commission (ERC) have laid down special operational guidelines, such as suspending regular market operations or imposing price controls, designed to mitigate sharp spikes in generation rates.

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