World market prices of fuel cause hike in electricity rates
Visayan Electric customers can expect a rise in their October-November billing due to the rise in the prices of fuel in the world market,
CEBU CITY, Philippines — Electricity rates in the Visayan Electric franchise will increase for the billing month of October – November.
Visayan Electric residential customers will experience a P0.13 centavos increase in the average rate for the said billing month due to high prices of fuel in the world market, as well as an increase in the transmission charges by the National Grid Corporation of the Philippines (NGCP).
Engr. Raul C. Lucero, president, and chief operating officer of Visayan Electric, explained that the efforts of the electric distribution utility to lower its generation rates by terminating some of the Power Supply Agreements (PSAs) were overtaken by the volatile prices of fuel in the world market.
“Visayan Electric is constantly trying to find ways to lower electricity cost such as renegotiating or terminating contracts with our power suppliers. However, the prices of fuel, the main source of power in the country, are really high right now and these are things that we cannot control,” Lucero explained. PR /rcg
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