Arra B. Francia, BusinessWorld online edition
February 10, 2018
MANILA Electric Co. (Meralco) will implement its P1.08 per kilowatt-hour (kWh) rate hike for the February billing in two tranches.
In a statement on Friday, the country’s largest distribution utility said it will increase electricity rates by 75 centavos per kWh in this month’s billing. The remaining 30% or a 33-centavo increase will be included in the March billing.
Meralco said the power rate hike is being implemented in two tranches, “cognizant of the fact that there were recent price increases on fuel and other basic commodities.”
The overall February rate will now stand at P9.47 per kWh, compared to P8.72 per kWh in January.
With this, households consuming 200 kWh a month will see a P150 increase in their monthly bills. Households that consume 300 kWh, 400 kWh, and 500 kWh will see an increase of P225, P300, and P375, respectively in February.
Meralco attributed this month’s increase in generation charges to higher charges from plants under Power Supply Agreements (PSAs) and Independent Power Producers (IPPs). Meralco said the generation charge increased by P0.8469 to P4.6548 per kWh in February, from P4.0768 per kWh in the previous month. However, the February billing will only reflect a P0.5780 per kWh hike, with the balance implemented in the March bill.
“The return to normal levels of capacity fees, particularly Pagbilao and Ilijan, was the main reason for the P1.7067 per kWh increase in PSA charges, to be reflected this February,” the company said.
Meanwhile, charges from IPPs rose by P0.3430 centavos per kWh, which the company attributed to the peso depreciation as well as higher Malampaya natural gas prices due to quarterly repricing and lower average plant dispatch.
A total of 40.6% of Meralco’s energy requirements were sourced from PSAs, while 40.7% came from IPPs. The remaining 18.7% of Meralco’s power requirements came from the Wholesale Electricity Spot Market (WESMmonth, where charges decreased by P0.0041 per kWh on lower power demand in the Luzon grid.
Previously, Meralco reduced electricity rates in January and December due to lower charges from supply contracts and at the spot market.
Transmission charge of residential customers meanwhile fell by P0.0372 per kWh, which goes directly to the National Grid Corporation of the Philippines. Taxes and other charges, which are remitted to the government, rose by P0.2092 per kWh this month.
“Meralco’s distribution, supply, and metering charges have remained unchanged for 31 months, after these registered reductions in July 2015,” the company said.
Electricity contributes 4.51% to the theoretical basket of basic goods and services used by a typical Filipino household on which annual inflation is computed.
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