March 8, 2019 | 12:31 am
DISTRIBUTION utility
Manila Electric Co. (Meralco) announced on Thursday a slight increase in the
overall electricity rates for March to P10.4961 per kilowatt-hour (/kWh), up by
P0.0894/kWh from the P10.4067/kWh in February.
Meralco, which earlier
reported a 4.6% rise in its customer base to 6.61 million, said the increase
translates in an P18 rise in the total monthly bill of a typical household consuming
200 kWh. Those using 300 kWh, 400 kWh and 500 kWh can expect increases of
P26.82, P35.76 and P44.70, respectively.
The increase in power
rates this month comes despite the lower cost of electricity under power supply
agreements (PSA), which brought down the generation charge. The decline failed
to offset the higher electricity cost at the spot market and the rise in other
charges, including transmission cost and government taxes.
“From P5.8939/kWh last
month, generation charge for March went down to P5.5973/kWh, a decrease of
P0.2966/kWh,” the country’s biggest distribution utility said.
It said the P1.0768/kWh
decrease in PSA charges was because of the strengthening of the peso against
the US dollar, lower fuel prices and higher average plant dispatch.
Meralco said unit one
of the First Gen Corp.’s 414-megawatt San Gabriel power plant returned to
normal operations in February after the scheduled maintenance outage in
January.
“The share of PSAs to
Meralco’s total requirement this month was at 48%,” the listed company said,
referring to the February supply month whose charges are carried in March
bills.
In contrast, charges
from the Wholesale Electricity Spot Market (WESM) rose by P0.5178/kWh because
of the tighter supply conditions in Luzon “with higher demand for power and
more frequent plant outages this month,” Meralco said.
The cost of power from
the independent power producers (IPPs) was higher by P0.0549/kWh due to the
lower average plant dispatch. Quezon Power Philippines Ltd. was on scheduled
maintenance outage from Jan. 18 to Feb. 8.
WESM and IPPs provided
12% and 40% of Meralco’s supply requirement, respectively.
Meanwhile, the
transmission charge for residential customers rose by P0.0288/kWh after the
higher ancillary service charge imposed by privately owned National Grid
Corporation of the Philippines (NGCP).
Taxes and other charges
also went up by P0.3572 after the completion of the refund last month on the
universal charge-stranded contract costs.
“Meralco’s
distribution, supply, and metering charges, meanwhile, have remained unchanged
for 44 months, after these registered reductions in July 2015,” the company
said, reiterating that it does not earn from the pass-through charges, such as
the generation and transmission charges.
Generation charge
payments go to power suppliers, while payment for the transmission charge goes
to NGCP. Taxes and other public policy charges like the universal charge and
feed-in tariff allowance are remitted to the government.
Meralco’s controlling
stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT,
Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary
MediaQuest Holdings, Inc., has interest in BusinessWorld through the
Philippine Star Group, which it controls. — VVS
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