The Energy Regulatory Commission (ERC) has approved a National Power Corp move to cut power rates this month to reflect a stronger peso and lower power purchase costs.
“Current effective rates will be reduced by P0.0430 for Luzon, P0.3151 for Visayas and P0.0045 for Mindanao for the first month of implementation,” the ERC said in a directive signed by ERC chairman Rodolfo Albano.
The provisionally approved rates will be effective over the February 26 to March 25 billing period.
“The reductions were arrived at after a careful and thorough evaluation of Napocor’s petitions,” Albano said.
“The public had been expecting reduction in rates as the Philippine currency exchange rate gets better, however, the directive does not reflect yet said improvement for it covers earlier billing periods,” Albano noted.
Napocor applied for rate adjustments on the fuel and purchase power costs portion of its approved generation charges in the three grids and to pass on the impact of fluctuations in the foreign exchange rate, from which it is not allowed to profit.
PIA NEWS SERVICE