Electric cooperatives and companies across the country announced reductions in power rates for October 2024, citing lower costs in the Wholesale Electricity Spot Market (WESM).
Bohol Light Company, Inc. reported a reduction of more than 3 pesos per kilowatt-hour (kWh) for residential consumers, who will now pay 9.81 pesos per kWh, down from 13.62 pesos in September.
"The reduction in electricity prices is due to lower costs in the Wholesale Electricity Spot Market, which has had a significant impact on the calculation of the Power Generation Cost," the company said in a statement.
Bohol I Electric Cooperative, Inc. (BOHECO I) announced a new rate of 10.3169 pesos per kWh for on-grid residential customers, a decrease of 1.3523 pesos from September’s rate of 11.6692 pesos per kWh.
BOHECO II set its October rate at 11.9938 pesos per kWh, a reduction of 1.350 pesos from the previous month’s 13.3436 pesos per kWh.
In the Visayas region, Visayan Electric Co. reported a decrease of 2.36 pesos per kWh, bringing the total rate down to 11.16 pesos per kWh.
The company stated this could lead to savings of up to 472 pesos for households consuming 200 kWh per month.
The rate decreases were attributed to lower electricity prices in the WESM and the conclusion of a four-month staggered payment of WESM dues mandated by the Energy Regulatory Commission in June.
Electric companies encouraged customers to continue managing their energy consumption wisely despite the lower rates.
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