MORE Power, Iloilo City’s sole power distributor, has announced an increase in its residential electricity rate by P1.02 per kilowatt-hour (kWh).

“The effective residential electricity rate, reflected on bills from May 18, 2024 to June 12, 2024, is P11.3263/kWh,” it said.

According to MORE Power, the hike was due “the rise in the average nodal prices of the Wholesale Electricity Spot Market (WESM), which went from P8.67/kWh to P11.85/kWh.”

“These changes come amidst the thin supply situation highlighted by the ‘red’ and ‘yellow’ alerts declared by the National Grid Corporation of the Philippines (NGCP) in Luzon and Visayas over the last two months,” it said.

“This increase in the generation charge also led to higher taxes and system loss rates, although the 12-month average system loss slightly decreased from 5.50% to 5.44% compared to the previous month,” MORE Power added.

Meanwhile, the Distribution, System, and Metering (DSM) charges, the only bill component that goes to MORE Power, remained unchanged.IMT