Lone power distributor MORE Electric and Power Corp. (MORE Power) has increased the price of electricity here by P3.34 more per kilowatt-hour (kWh).
ILOILO CITY – Lone power distributor MORE Electric and Power Corp. has increased the price of electricity here by P3.34 more per kilowatt-hour .The power firm announced Wednesday, Sept. 21, that the electricity rate for residential consumers has increased to P12.48 per kWh for September, P3.34 more than the P9.14 last August.“These charges from the power supply agreements are mainly due to the prevailing high coal prices in the global market,” MORE Power said.
Another reason for the increase, the company said, is that they can no longer get supply from the Power Sector Assets and Liabilities Management , a State-owned power firm, after PSALM’s contract with the Unified Leyte Geothermal Power Plant ended. With this development, MORE Power is mandated by the Department of Energy to conduct competitive selection Process , or competitive bidding to obtain the cheapest supply from power plants.
MORE Power assured consumers that it is still getting supply via the Wholesale Electricity Spot Market , which has an average monthly price of P8 per kWh. More than a year ago, MORE Power customers here paid only P6.4562 per kWh, one of the lowest rates in years.