Customers of the Manila Electric Company (Meralco) shall brace for higher electricity bills this month as the power distributor hiked its power rate amid higher generation cost.
In an advisory, Meralco said it raised its overall rate for a typical household by 62.32 centavos per kilowatt-hour to P10.9001 per kWh in January from P10.2769 per kWh in December last year.
In particular, Meralco said generation charge rose by 33.16 centavos to P7.1291 per kWh from P6.7975 per kWh in the previous month. Due to the tight supply conditions, the grid was placed under Yellow Alert for three days during the December supply month and persistently high spot prices triggered the imposition of the secondary price cap 61% of the time, compared to 21% in November, Meralco said.
Charges from PSAs, meanwhile, went down by 27.10 centavos per kWh due to higher share of excess energy deliveries, which are priced at a discount, and the appreciation of the peso against the dollar.PSAs provided 45% Meralco’s total energy requirement for the period. These refunds are expected to be completed by January 2023 and May 2023, and the impact will be felt in the succeeding billing periods — February 2023 and June 2023, respectively, the company said.
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