Power rates likely lower in August — Meralco

By Alena Mae S. Flores – August 8, 2024, 8:40 pm
from manilastandard.net

Power generation charges likely decreased this month on lower demand and better supply, power retailer Manila Electric Co. said Thursday.

“While we have yet to receive all the billings from our suppliers, indications point to lower generation charge this month. This is mainly due to lower WESM [Wholesale Electricity Spot Market] prices brought about by better supply conditions,” Meralco vice president and spokesperson Joe Zaldarriaga said.

Zaldarriaga said the average peak demand decreased by 690 megawatts in July from the previous month.

“We continue to remind the public to practice energy efficiency to have better management over their power consumption and electricity bills,” he said.

Preliminary data from WESM operator Independent Electricity Market Operator of the Philippines (IEMOP) showed that the system-wide average price last month declined 3 percent to P6.15 per kilowatt-hour (kWh) from P5.97 per kWh.

Demand slowed by 4.9 percent to 13,989 megawatts (MW) from 14,710 MW.

WESM prices in Luzon declined 0.9 percent to P5.92 per kWh from P5.97 per kWh as demand also eased by 4.9 percent to 10.142 MW from 10,664 MW. Average supply also went down by 3.8 percent to 13,340 MW from 13,380 MW.

Meralco announced a rate increase of P2.1496 per kilowatt-hour in July due to higher generation charges.

The generation charges went up by P2.0021 per kWh as charges at WESM returned to normal levels as a result of the Energy Regulatory Commission’s (ERC) directive to stagger the collection of the charges for the May supply month in four equal monthly installments until September 2024.

The overall rate for a typical household increased to P11.6012 in July from the previous month’s P9.4516 per kWh.