Meralco to cut rates by 19¢ per kwh

MANILA, Philippines - The Manila Electric Co. (Meralco), the country’s largest power distributor, announced yesterday that its customers would benefit from a rate cut of 19 centavos per kilowatt-hour this year after the Energy Regulatory Commission (ERC) approved the proposed rates under its new power supply agreements (PSA).

“With the ERC’s approval of the rates under the PSAs, Meralco’s customers are expected to enjoy the benefit of lower rates arising from a reduction of an average of about 19 centavos per kilowatt-hour (kwh) for the year,” said Meralco senior vice president for customer retail services and corporate communications Alfredo Panlilio.

Meralco signed the power supply agreements with Sem-Calaca Power Corp., South Premiere Power Corp., San Miguel Energy Corp., Masinloc Power Partners and Therma Luzon, Inc. (TLI).

This developed as the ERC also approved the application of Meralco to implement its so-called Peak/Off-Peak (POP) program, which was formerly known as Time-Of-Use or TOU.