Household budgets get a reprieve this July as Meralco announced lower power rates, noting that the reduction effectively reverses all price hikes since the start of the year.
The power distributor said it was implementing a P0.7067 decrease per kilowatt-hour (kWh). This means that a typical household consuming 200kWh will see a decrease of around P141 in the monthly electricity bill.
Meralco said the lower power rates were due to the Energy Regulatory Commission’s order to refund P21.8 billion to customers for a period of 12 months or until completed.
This is an equivalent refund of P0.8656 per kWh for residential customers and will appear as a separate line item called “Dist True-up 4” in the power bills starting July, Meralco said.
The announcement of lower power rates comes as oil firms announced a rollback of around P6.10 per liter of diesel and P5.70 per liter of gasoline.
Meralco for the past two months has increased power rates citing the higher cost of buying electricity that it distributes to consumers.
It also assured customers of continuous efforts to ensure steady electricity supply throughout the remainder of the dry months, when households tend to use more power.