By Panay News - Sunday, April 19,
2020
MORE
Electric and Power Corporation (MORE Power) has announcd that a more affordable
power rate will be taking effect in their first bill to Iloilo City electric
consumers.
According to Roel Z. Castro, president and chief operating officer of MORE, “We are very happy to inform the Ilonggos that our computations resulted to an effective rate of P9.61/kWh for residential consumers. This will be the rate reflected on their first bill starting Apr. 20, 2020.”
Castro added that for commercial and industrial type customers, effective rates will depend on their respective load consumption but assured that rates will be lower.
MORE’s initial residential rate is 74 centavos less than previous Distribution Utility (DU) Panay Electric Company’s (PECO) residential rate of P10.35/kWh back in February earlier in the year.
“Our strategy was to source out a portion of Iloilo City’s electric supply from cost effective power suppliers in order to bring down the effective rate for all our customers,” Castro expounded.
According to Castro, MORE is sourcing out 30 percent of Iloilo City’s power supply from KEPCO SPC Power Corporation (KSPC) in Cebu, Aboitiz Power Renewables, Inc. (APRI) in Luzon, and the Wholesale Electricity Spot Market (WESM) where electric supply prices are lower. The remaining 70 percent of the City’s supply is sourced out from Panay Energy Development Corporation (PEDC) and Panay Power Corporation (PPC), both located in Iloilo City.
“MORE was able to receive the billing from our power suppliers on April 15 wherein the covered period started in February 29,” Castro added.
Castro went on further that MORE’s receipt of the power supply billing from PEDC and PPC disqualifies PECO from billing consumers from February 29 and onwards.
“It is important that our consumers should be guided that PECO has no basis to charge them from Feb. 29, 2020 and beyond. Consumers who receive PECO bills overlapping the said date should report to us immediately,” said Castro.
Charges from power generating companies and the WESM form part of the generation charge as shown on each consumer’s electric bill. Generation charge is a pass-on charge remitted to power suppliers and, on average, take up 60 percent of a consumer’s total electric bill.
“Distribution utilities that strategize on how to source out electric supply from cost effective power suppliers are responsible DUs that understand their commitment to the consumers. Truly enough, MORE assures the Ilonggos that we will continue to do so in the next 25 years,” Castro added.
MORE also informs the public that consumers will receive their first MORE Power bill today, Apr. 20, 2020 which will cover their consumption from Feb 29, 2020. Due to recent restrictions by the City Government’s orders on weekend lockdown, consumers will receive their first bill two days later contrary to MORE’s previous announcement of Apr. 18, 2020.
MORE also announced that due to the COVID-19 crisis, they will give a 40-day grace period for their consumers to pay their first bill./PN
According to Roel Z. Castro, president and chief operating officer of MORE, “We are very happy to inform the Ilonggos that our computations resulted to an effective rate of P9.61/kWh for residential consumers. This will be the rate reflected on their first bill starting Apr. 20, 2020.”
Castro added that for commercial and industrial type customers, effective rates will depend on their respective load consumption but assured that rates will be lower.
MORE’s initial residential rate is 74 centavos less than previous Distribution Utility (DU) Panay Electric Company’s (PECO) residential rate of P10.35/kWh back in February earlier in the year.
“Our strategy was to source out a portion of Iloilo City’s electric supply from cost effective power suppliers in order to bring down the effective rate for all our customers,” Castro expounded.
According to Castro, MORE is sourcing out 30 percent of Iloilo City’s power supply from KEPCO SPC Power Corporation (KSPC) in Cebu, Aboitiz Power Renewables, Inc. (APRI) in Luzon, and the Wholesale Electricity Spot Market (WESM) where electric supply prices are lower. The remaining 70 percent of the City’s supply is sourced out from Panay Energy Development Corporation (PEDC) and Panay Power Corporation (PPC), both located in Iloilo City.
“MORE was able to receive the billing from our power suppliers on April 15 wherein the covered period started in February 29,” Castro added.
Castro went on further that MORE’s receipt of the power supply billing from PEDC and PPC disqualifies PECO from billing consumers from February 29 and onwards.
“It is important that our consumers should be guided that PECO has no basis to charge them from Feb. 29, 2020 and beyond. Consumers who receive PECO bills overlapping the said date should report to us immediately,” said Castro.
Charges from power generating companies and the WESM form part of the generation charge as shown on each consumer’s electric bill. Generation charge is a pass-on charge remitted to power suppliers and, on average, take up 60 percent of a consumer’s total electric bill.
“Distribution utilities that strategize on how to source out electric supply from cost effective power suppliers are responsible DUs that understand their commitment to the consumers. Truly enough, MORE assures the Ilonggos that we will continue to do so in the next 25 years,” Castro added.
MORE also informs the public that consumers will receive their first MORE Power bill today, Apr. 20, 2020 which will cover their consumption from Feb 29, 2020. Due to recent restrictions by the City Government’s orders on weekend lockdown, consumers will receive their first bill two days later contrary to MORE’s previous announcement of Apr. 18, 2020.
MORE also announced that due to the COVID-19 crisis, they will give a 40-day grace period for their consumers to pay their first bill./PN
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