Manila Electric Railroad and Light Company (Meralco) has suggested a potential reduction in electricity rates this month due to lower generation costs.
Spokesman Joe Zaldarriaga attributed the decline to improved supply conditions in the Luzon grid and a significant drop in wholesale electricity spot market (WESM) prices.
WESM prices decreased by 23% to P3.26 per kilowatt-hour in December, contributing to a reduction in the generation charge, which makes up over 50% of the total electricity bill.
Meralco is expected to announce the rate adjustment next week, following a previous hike of about P0.10 per kWh in December due to increased generation costs.
The company serves approximately eight million customers across Metro Manila and surrounding areas.
Source: PhilNews24 | January 10, 2025
