Slight drop in coal, WESM prices lower electricity rates to P16.08

VISAYAN Electric residential customers will experience a P0.27-centavo decrease in electricity rates for the billing month of January-February, a savings of at least P54 for consumers with an average electricity consumption of 200 kilowatts per hour (kwh) per month.

The drop in the residential electricity rate for the month, which brings rates to P16.08, is due to the slight downward movement of the prices of coal in the world market, as well as the drop in electricity rates in the Wholesale Electricity Spot Market (WESM).

World market forecasts for coal, however, are still uncertain in the coming months due to the volatility of supply and demand.

“This 0.27-centavo decrease in residential electricity rates for Visayan Electric customers is a big help to us consumers but we are not yet out of the woods. The price of coal in the world market is very volatile and can change any time, depending on what is happening in the world, especially in countries that produce coal,” said Engr. Raul C. Lucero, Visayan Electric president and chief operating officer.

The distribution utility executive encouraged electricity consumers to still practice energy conservation whenever possible to avoid bill shock.

“With all the uncertainties in the prices of electricity, we consumers should make it a practice to be mindful of our electricity consumption. We should continue to save power, especially now that the prices of other basic commodities are increasing,” he added.

Visayan Electric continues to offer payment arrangements to its customers who cannot pay for their electricity bills in full as a way of helping the community cope up with the high prices of basic commodities.

Customers who are interested in applying for payment arrangements may do so at any of Visayan Electric’s service centers. (PR)