July 25, 2021 at 07:00 pm
Alena Mae S. Flores
MORE Electric and Power Corp. of tycoon Enrique Razon Jr. announced over the weekend a 36-percent cut in the electricity rates of Iloilo City electricity consumers for July.
MORE Power said in a statement the electricity rate for residential consumers had dropped to P6.4562 per kilowatthour (kWh) for the month of July from P10.0149 per kWh rate in June.
The company said the lower rates will be critical to support to consumers and business in Iloilo City amid the COVID-19 pandemic.
MORE Power president Roel Castro, said the price cut will enable small businesses to resume and even expand operations, and recover losses from prolonged business closure during the lockdown.
The company’s commercial rates declined to P6.1809 per kWh from P9.4910 per kWh in June.
Castro said lower rates would also help residential users who are still hurting from loss of jobs,and reduced income.
“We have been able to find cheap source of power for Iloilo City,” said Castro.
MORE Power is reducing the electricity rate following the purchase of power supply from Power Sector Assets and Liabilities Management and the Wholesale Electricity Spot Market.