MORE Power steps up efforts to lower rates

MANILA, Philippines — MORE Electric and Power Corp. of billionaire Enrique Razon Jr. has assured its customers of continued efforts to keep electricity rates down for Iloilo City.

The Iloilo-based distribution utility said it recently earned recognition for offering the “most affordable” power rates not only in the province but also in the entire Western Visayas.

MORE Power’s residential rate stood at P11.13 per kilowatt-hour last month, notably lower than the charges imposed by neighboring electric cooperatives.

Consumers in Aklan, Capiz, Guimaras and other parts of Iloilo faced electricity rates ranging from P11.27 to P12.82 per kWh, the Razon-led firm noted.

“By actively participating in market opportunities and negotiating long-term power supply agreements at competitive rates, we’re able to keep costs down for our consumers without compromising service reliability,” MORE Power president and CEO Roel Castro said.

Generation charges, which reflect the cost of power purchased from energy suppliers, account for the bulk of a consumer’s electricity bill.

As such, it is crucial for power utilities like MORE Power to procure supply through a competitive selection process and reduce their exposure to volatile prices in the Wholesale Electricity Spot Market.

WESM is the centralized venue for buying and selling electricity as a commodity, where prices are determined by supply and demand.

Long-term contracts currently cover around 66 percent of MORE Power’s energy requirements.

Recently, the company became a member of the Safety Organization of the Philippines Inc. as part of its commitment to fostering “safety, health and environmental protection.”

“We are proud to join this esteemed organization and contribute to its mission of promoting a culture of safety across the Philippines,” Castro said.