The Manila Electric Company (Merlaco) announced on Thursday a downward adjustment of electricity rates by PHP0.59 per kilowatt-hour in February.
Meralco spokesperson Joe Zaldarriaga said the power rates this month will go down to PHP8.8623 per kWh from PHP9.4523 per kWh in January.
This will translate to a PHP118 reduction on the electricity bill of a household that uses 200 kWh.
Zaldarriaga said the lower generation charge due to new power supply agreements (PSAs) pulled down power rates this month.
Generation charge for February is lower by PHP0.3949 per kWh to PHP4.5090 per kWh from PHP4.9039 per kWh in January.
Lower charges from Wholesale Electricity Spot Market (WESM) also decreased in February to PHP3.0529 per kWh, which offset the higher charges from Meralco's independent power producers (IPPs) and previous PSAs.
Meralco also cited the reduction in taxes and other charges, as well as in universal charge.
Adding to that, the feed-in-tariff allowance (FIT-All) rate declined this February after the Energy Regulatory Commission (ERC) approved to slash it to PHP0.0495 per kWh.
Meanwhile, consumer advocate Laban Konsyumer Inc. (LKI) has welcomed the lower power rates this month.
This is the second straight month of power rate reduction, totaling to PHP1 per kilowatt-hour in the past two months cumulatively, LKI said in a statement.
It added the power rate for February is even lower than the rate a decade ago of PHP9.03 per kWh.
Source: Philippines News Agency