Iloilo City—Residents of Iloilo City, who already benefit from some of the lowest electricity rates in the region, are anticipated to enjoy further reductions in their power costs in the upcoming month.
According to Philippines News Agency, Roel Castro, the chief executive officer of More Electric and Power Corporation (MORE Power), confirmed that the city’s current rate of PHP12.67 per kilowatt-hour (kWh) is among the most competitive in Panay and Guimaras islands. “Even for this month, we are one of the lowest. There was an aberration because of the ERC (Energy Regulatory Commission) order but if we normalize, we are still one of the lowest. We really work 24/7 to look for cheaper sources that we can blend,” Castro said in an interview on Tuesday.
The CEO referenced an ERC directive that had distribution utilities and electric cooperatives stagger the collection of charges for purchases from the Wholesale Electricity Spot Market, a measure that will conclude this month. With this development, Castro assured that rates are expected to normalize in the next billing cycle. Depending on coal prices, MORE Power projects a rate reduction ranging from PHP1 to PHP1.50.
Castro also shared insights into the company’s strategic planning, noting that MORE Power is developing medium-term and long-term strategies to stabilize and potentially lower pricing further. “We are also looking for a more stable strategy that when implemented, MORE Power will have the cheapest rate. It is not just monthly. We can say, let’s see in the next two years, we will be the cheapest,” he added.
The company’s efforts have not gone unnoticed, with Iloilo City Mayor Jerry P. Treñas praising MORE Power in his State of the City Address for its efficient service and proactive approach in sourcing reliable and affordable renewable energy.