Amid the rising prices of fuel in the world market, Visayan Electric residential customers will experience a 30-centavo decrease in rates for the billing month of June – July.
The average rate for residential customers has dropped to P13.70 per kwh from the P14 per kwh last month. This translates to an estimated P60 decrease in the bill of an average household with a 200 kwh consumption per month.
Amid the rising prices of fuel in the world market, Visayan Electric residential customers will experience a 30-centavo decrease in rates for the billing month of June – July. | Know more here
Visayan Electric President and Chief Operating Officer Engr. Raul C. Lucero explained that the volatile price of electricity is caused by high generation rates due to the high price of fuel in the world market. For the month of May, however, there was a slight decrease in the prices of fuel, which resulted in a slight drop in generation rates and electricity rates, as well.
International reports say the reopening of economies all over the globe has caused a surge in the demand for fuel in an industry that cut down on production because of the COVID-19 lockdowns. The continuing war between Ukraine and Russia, which started last February has also contributed to the fuel supply and price issues.
“The price of fuel in the world market has really affected power generators, and our electricity rates, as well. It’s a good thing that for the billing month of June – July, our average rate for residential customers had dropped by 30 centavos,” he said.
Aside from the high prices of fuel, there have also been transmission constraints in the Visayas Grid that caused power curtailments, driving power prices higher, even in the Wholesale Electricity Spot Market (WESM).
“Prices at WESM would go as high as P30 per kwh at certain times of the day because of high fuel prices and transmission constraints issues,” he said.
Amid the rising prices of fuel in the world market, Visayan Electric residential customers will experience a 30-centavo decrease in rates for the billing month of June – July.
Lucero, however, said that Visayan Electric is taking steps to contract more affordable power supply by applying for an emergency power purchase.
To help its customers, the electric utility continues to offer payment arrangements where customers can pay for their bills in installments. Customers would only need to apply for the payment arrangement in the Visayan Electric Service Centers located in Tabunok, One Pavilion Mall in Banawa, Piazza Elisea in Talamban, JCentre Mall in Mandaue, and at the Glajj Building in
Consolacion.
“While we are doing our best to get reasonably-priced power from power generators, we would like to remind our customers that being mindful of their electricity consumption can really help them manage their electricity bills now that high fuel prices are beyond our control,” Lucero said.
For more information about Visayan Electric’s services, customers may reach out through 230-8326 or through the Visayan Electric Facebook and Twitter pages.