Iloilo City: Residential electricity rates here have dropped by PHP0.7836 per kilowatt-hour (kWh) this March, bringing the current rate to PHP10.4177 per kWh from last month’s PHP11.2013 per kWh.

According to Philippines News Agency, MORE Electric and Power Corporation (MORE Power) attributed the decrease to lower generation and transmission charges. ‘A key factor behind this reduction is our strategic energy procurement approach, where we maximized purchases from the Wholesale Electricity Spot Market (WESM), which made up 57.5 percent of our generation mix,’ MORE Power said in a statement on Wednesday.

The company explained that by sourcing a larger portion of its supply from WESM, it was able to secure electricity at more competitive rates, ultimately passing the savings on to consumers. The lower rate will be reflected in customers’ bills for the March 18 to April 12 billing cycle.

MORE Power, the city’s distribution utility, serves around 100,000 consumers in Iloilo City.