Meralco rates decline in September
Manila Electric Co. (Meralco) announced another reduction in power rates, marking the fifth straight month of downward adjustments to bring rates to a three-year low.
In an advisory, Meralco said power rates will go down by 6.23 centavos per kilowatt-hour to P8.4288/kWh in September from P8.4911/kWh in August.
This means that a typical household consuming 200 kWh will pay P12 less for electricity for September versus that paid last month.
According to the company, rates for September this year are the lowest in three years or since September 2017.
Meralco attributed the lower rates to the force majeure implemented due to the decline in demand. This led to lower generation charges which decreased for the sixth straight month by 3.81 centavos to P4.0860/kWh from P4.1241/kWh in August.
"Because of the reduced power demand in its service area during the community quarantine period, MERALCO continued to invoke the Force Majeure provision in some of its Power Supply Agreements (PSAs)," the company said.
Meralco said the force majeure claims totaled about P463 million, equivalent to customer savings of 17.10 centavos/kWh.
"Without the Force Majeure claims, the generation charge and the total rate would have increased by 13-centavos and 14-centavos per kWh, respectively. For the past 6 months, the savings from Force Majeure claims totaled around P2.4 billion," it said.
The Pangilinan-led firm said it will not disconnect customers until the end of October, an extension from the initial date of September 30.