CEBU, Philippines — Good news for Visayan Electric consumers as the power utility company announced yesterday a P2.36 per kilowatt hour reduction of power rates for October and November billing.
In a statement, the Aboitiz-led power distribution utility said that this drop in the price of electricity will bring the total rate to only P11.16 per kilowatt hour.
For common households consuming 200 kilowatts per month, the Visayan Electric said that they will be able to save up to P472 on their next bill.
The lower rates are attributed to the lower electricity prices in the Wholesale Electricity Spot Market (WESM). It is also the end of the four-month installment payments for the electricity bought by Visayan Electric from WESM.
Last June, the Energy Regulatory Commission required all distribution utilities to spread the unusually high WESM rates last summer, evenly over four months, from June to September.
In the case of Visayan Electric, a charge of approximately 92 centavos was added to residential electricity rates over the four-month period.
However, Visayan Electric President and Chief Operating Officer Raul Lucero continue to advise consumers to continue to save electricity especially when the Holiday season approaches.
Visayan Electric is the second largest electric utility in the Philippines. It serves the cities of Cebu, Mandaue, Talisay, Naga; and the municipalities of Liloan, Consolacion, Minglanilla, and San Fernando. — (FREEMAN)