“Energy consumption matters both to our environment and our economy.” – John Baldacci
Notwithstanding an increase of P1.02/kWh for its May 2024 billing, MORE Power’s electricity rate is still the lowest in Western Visayas. The effective residential electricity rate for MORE Power, reflected on its consumers’ bills from May 18, 2024, to June 12, 2024, is P11.3263/kWh.
Highlighted by the “red” and “yellow” alerts declared by the National Grid Corporation of the Philippines (NGCP) in Luzon and Visayas over the past two months, these changes come amidst a tight supply situation.
Vice President for Corporate Energy Sourcing and Regulatory Affairs (CESRA) NIEL V. PARCON explained that, while the reasons for the rate increases among other electric cooperatives are similar, MORE Power has managed to maintain competitive rates due to its bilateral contracts with power generators.
“This strategy has limited its exposure to the Wholesale Electricity Spot Market (WESM), where prices increased from P8.67/kWh to P11.85/kWh,” Parcon explained, emphasizing the importance of the bilateral agreements with the power generators. “In anticipation of the increase in demand for the summer, we have secured bilateral contracts of 66%. Thus, our exposure to WESM is only 34%. In fact, our energy purchases for this billing cycle have increased by 19%,”
Iloilo City Mayor JERRY P. TREÑAS, who recently lauded this development as a significant boost for the city, has anticipated that an increase in investments and business activities that will bolster Iloilo City’s economy. “This is also a very welcome development for every Ilonggo household, which will no longer have to worry about high electric bills,” he said.