Meralco cuts power rate by 59 centavos in February
By Eileen Mencias
Consumers can expect another reduction in their electricity rates this month due to lower generation charges from power supply agreements (PSAs).
In a statement, Meralco said power rates would go down by 59 centavos to P8.8623 per kilowatt hour, its lowest in two years.
For a typical household that consumes 200 kWh a month, this will translate to a P118 cut in the monthly bill.
Meralco said generation charge declined by 39.49 centavos per kWh. The new baseload PSAs—which are with San Miguel Energy Corp, South Premiere Power Corp., and AC Energy—cost P4.0372 per kWh, on the average, and accounted for 21% of its supply requirement.
Generation charges from the Wholesale Electricity Spot Market were also lower because of improved supply conditions and lower demand.
Meralco sources 23% of its requirements from the WESM. The generation cost from independent power producers and Meralco’s old PSAs increased by 74.29 centavos per kWh to P5.2920, accounting for 56% of Meralco’s total requirements.
Meralco also reported a 5.43-centavos per kWh drop in the universal charge following the announcement that the Power Sector Assets and Liabilities Management Corp. completed the collection of the National Power Corp.’s stranded cost recovery.