Residential customers of Visayan Electric will end 2022 with a decrease of 5 centavos per kilowatt hour in their electricity bills this December, bringing the average residential electricity rate to P16.35 per kwh.
The rate decrease is due to the slight decrease in the prices of coal in the world market, a drop in the prices of power in the Wholesale Electricity Spot Market (WESM), as well as the suspension of the Feed-In-Tariff Allowance (FIT-ALL) collection as ordered by the Energy Regulatory Commission.
Residential customers of Visayan Electric will end 2022 with a decrease of 5 centavos per kilowatt hour in their electricity bills this December, bringing the average residential electricity rate to P16.35 per kwh. | Know more here
“Although small, this is good news for our customers, especially for the Christmas season,” said Engr. Raul C. Lucero, President and Chief Operating Officer of Visayan Electric.
The prices of coal in the world market have slightly decreased but worldwide projections, however, forecast coal prices may still go up by the first quarter of 2023 and will only stabilize by the 2nd half of next year.
The suspension of the FIT-ALL collection, meanwhile, was ordered by the ERC last Nov 29, 2022, to lower electricity rates and help consumers cope with the rising inflation. According to the ERC order, the suspension will take effect starting December 2022 until the February 2023 billing cycle.
Visayan Electric continues to offer payment arrangements for customers who cannot pay their bills in full.
Despite the slight decrease in residential rates, Lucero advised Visayan Electric customers to still be mindful of their electricity use to avoid bill shock.
“Historically, electricity consumption would really go up during the holiday season because of all the parties, the food we store at home and the Christmas lights we use. Which is why we are still calling on our customers to be mindful of their use of electricity. Turn off appliances when not in use to save power and manage your electricity bill,” he said.
Visayan Electric continues to offer payment arrangements for customers who cannot pay their bills in full. Customers may apply for payment arrangements in any Visayan Electric service center.
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