MORE Electric announces P141-million refund

By Alena Mae S. Flores – November 19, 2023, 7:00 pm
from manilastandard.net

MORE Electric and Power Corp. (MORE Power), the distributor in Iloilo City, announced over the weekend a one-time refund of P141 million equivalent to P2.7644 per kilowatt-hour (kWh) which would benefit about 92,000 consumers.

MORE Power vice president for corporate energy sourcing and regulatory affairs Niel Parcon said the one-time refund of pass-through charges is in compliance with the Energy Regulation Commission’s resolution adopting the revised rules governing the automatic cost adjustment and true-up mechanisms and corresponding confirmation process for distribution utilities.

The refund covers the accumulated differences in the billed amount computed from January 2023 until September 2023, reflecting a P2.7644 per kWh rate reduction in the bills received by customers from Nov. 18, 2023 to Dec. 14, 2023 billing cycle.

“Our billing, including generation and transmission charges, is billed to our customers based on the prices of the previous month. However, our payments to our suppliers are based on the current month’s rate,” Parcon said.

Parcon said all consumer classes, including residential, commercial, industrial, and government accounts would benefit from the one-time refund.

“Starting January 2023, over or under-recoveries have accumulated to P141 million, which, when converted into rates, is equivalent to P2.76/kWh,” Parcon said.

Residential customers consuming 200 kWh stand to benefit from a reduction of over P550 in their bill, based on MORE calculations.

MORE has around 93,000 customers in Iloilo.