CEBU, Philippines — Amid the rising cost of almost everything, the Visayan Electric is implementing a P0.61 per kilowatt hour (kWh) rate reduction for the July to August, 2023 billing period.
In a statement yesterday, Visayan Electric said the reduced rate for residential consumers is due to the decline of the price of coal in the world market and that of electricity in the Wholesale Electricity Spot Market.
“The decrease brings the average residential rate down to P13.11/kWh from P13.72/kWh of the previous month, which means that a household that consumes 200 kWh per month will save at least P122 in their next bill,” read part of the VECO statement.
This is the third month, since May, that rates for residential consumers went down after a slight increase of P0.03 per KWh last April.
At the height of the fuel price increases in the second half of 2022, residential electricity rates went up to as high as P16.40/kWh in November. The rates had since shown a downward trend, as fuel and coal prices in the world market stabilized.
Visayan Electric explained that outside temperature is the main driver for electricity consumption, especially because of heavy usage of cooling appliances during hot days.
While the public has been experiencing cool weather lately, Visayan Electric President and Chief Operating Officer Raul Lucero reminded consumers to still be mindful of their electricity consumption.
“With the PAGASA officially declaring the onset of El Niño, we can expect extremely hot weather in the coming months. That is why it is very important for us to practice energy conservation behaviors as early as now," he said.
Last July 4, 2023, PAGASA officially announced the onset of El Niño, which increases the possibility of dry spells and droughts. The climate pattern is expected to persist until the first quarter of 2024.
Visayan Electric is the second largest electric utility in the Philippines. It serves the cities of Cebu, Mandaue, Talisay, Naga and the Metro Cebu municipalities of Liloan, Consolacion, Minglanilla and San Fernando. — (FREEMAN)