But here is more bad news: Electricity rates in Metro Manila will increase again soon. The reason is the high prices being traded at the Wholesale Electricity Spot Market (WESM).
Because of the low availability of power plants running on cheaper fuel such as coal and geothermal energy, power rates at the WESM during the April billing cycle soared by P2 per kWh, to P8 per kWh from P5.936 per kWh in March.
The impact of the drastic rise in the WESM prices on the four million Meralco customers was calculated to be at 50 centavos per kWh, to be lumped as a component of its generation charge.
Since there is a regulatory lag, the pass-on of this increase will be deferred until such time that the Energy Regulatory Commission approves the Meralco application. But just the same, it will eventually shock consumers when they receive their electricity bills.
This is the third unusual price increase since the electricity spot market opened last year. And we are again witnessing the evil hand of the mafia in the National Power Corp.
What happened to the "low power rates" promised by Malacanang?
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