Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

Meralco rates rise on higher spot market prices

by
April 8, 2021
in Politics News
0
Meralco rates rise on higher spot market prices
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
BW FILE PHOTO







TYPICAL households in Metro Manila are set to see an increase of around P17 in their electricity bill this month as Manila Electric Co. (Meralco) announced a rise in the overall power rate due to higher spot market prices.

In a press release on Thursday, Meralco said that its overall rate climbed by P0.0872 per kilowatt-hour (kWh) to P8.4067 per kWh from last month’s P8.3195 per kWh.

The increase will translate into a P17.44 hike in the monthly bill of typical households, or those that consume 200 kWh a month. Households consuming 300 kWh, 400 kWh, and 500 kWh will see an increase of around P26, P35 and P44, respectively.

Meralco explained that the generation charge, which it remits to power suppliers, rose this month by 3.7% or P0.1621 to P4.5370 per kWh. The surge was caused by the P2.5991-per-kWh increase in the cost of power at the wholesale electricity spot market (WESM) because of tighter supply conditions in the Luzon grid.

“Peak demand in Luzon increased by almost 1,000 MW (megawatts) in March as a result of warmer temperature, while unavailable capacity from plant outages remained above 3,400 MW. WESM share is slightly down to 11% this month,” the firm said.

However, the increase in WESM charges were mitigated by the lower costs from independent power producers (IPPs) and power supply agreements (PSAs), Meralco said.

Charges from IPPs and PSAs went down by P0.2090 and P0.1371 per kWh, respectively, due to improved average plant dispatch and the peso’s appreciation.

PSA-sourced power accounted for 50% of Meralco’s energy requirements while IPPs were responsible for 39%.

Transmission charges decreased by P0.0856 per kWh, mainly caused by lower ancillary service charges, while taxes and other charges climbed by P0.0107 per kWh.

Meralco said that the collection of the environmental component of the universal charge at P0.0025 per kWh remains suspended in line with an order from the Energy Regulatory Commission (ERC).

ADVERTISEMENT

The power firm said its distribution supply, and metering charges have remained unchanged for 69 months, after being reduced in July 2015.

Meralco does not earn from the pass-through charges, such as generation and transmission charges.

“Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP (National Grid Corp. of the Philippines),” it said.

Taxes and other public policy charges like the universal charges and the feed-in tariff allowance are remitted to the government, it added.

REFUNDS
In its statement, Meralco said that the April rate includes the ERC’s approved adjustments of the firm’s pass-through charges from January 2017 to December 2019.

Four months ago, the ERC ordered Meralco to refund over-recoveries in transmission and other charges over three months, and to collect an under-recovery in the generation rate for 24 months.

“Meralco implemented the ERC-approved adjustments starting January 2021. The impact to residential customers, from the months of January to April 2021, is a net refund of around P0.1150 per kWh,” the company said.

The distribution utility added that it is also implementing its distribution rate true-up refund, which began in March. The amount represents the difference between the actual weighted average tariff and the ERC-approved interim average rate for distribution-related charges from July 2015 to November 2020.

The refund rate is at P0.2761 per kWh, and is set to appear in consumers’ bills as a line item called “Dist True-Up.”

On Thursday, shares in Meralco at the local bourse shed 1.13% or P3.2 to close at P280.60 apiece.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang





Related Posts

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18
Politics News

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18

June 24, 2022
ING to exit PHL retail banking business by this year
Politics News

ING to exit PHL retail banking business by this year

June 24, 2022
Job turnover in NCR improves in second half of 2021
Politics News

Job turnover in NCR improves in second half of 2021

June 24, 2022
Next Post
Sorkin’s Chicago 7 is Netflix’s latest shot at Oscar glory

Sorkin's Chicago 7 is Netflix's latest shot at Oscar glory

Cebu Pacific’s refunds payable hit P1.43 billion in 2020

Cebu Pacific's refunds payable hit P1.43 billion in 2020

Only the lonely

Only the lonely

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

ING to exit PHL retail banking business by this year

Expats Move to Portugal for Low Expenses, Charming Villages and Seaside Views

Why You Should Consider Buying Used Construction Machinery for Business?

British businesses must work harder to entice employees back to office

What is a Help to Buy Mortgage and Why Should You Get One?

Trending

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18
Politics News

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18

by
June 24, 2022
0

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...

How To Automate a Workflow: Step-by-Step Guide

How To Automate a Workflow: Step-by-Step Guide

June 24, 2022
Best TVs of 2022: Which should you buy?

Best TVs of 2022: Which should you buy?

June 24, 2022
Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

June 24, 2022
ING to exit PHL retail banking business by this year

ING to exit PHL retail banking business by this year

June 24, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.