MORE Electric and Power Corporation announced a one-time refund of P2.7644 per kilowatt-hour (kWh) for 92,000 consumers in Iloilo City, totaling P141 million.
According to MORE Power’s VP for Corporate Energy Sourcing and Regulatory Affairs (CESRA) Neil Parton, this one-time refund of pass-through charges aligns with the Energy Regulation Commission’s resolution, which adopts the Revised Rules Governing the Automatic Cost Adjustment and True-up Mechanisms and Corresponding Confirmation Process for Distribution Utilities.
For residential customers consuming 200 kWh, the calculated reduction amounts to over P550 in their bills.
The refund encompasses accumulated differences in billed amounts from January to September 2023, manifesting as a P2.7644/kWh rate reduction in bills received by customers within the November 18 to December 14 billing cycle.
“Our billing, including generation and transmission charges, is billed to our customers based on the prices of the previous month. However, our payments to our suppliers are based on the current month’s rate,” explained Parcon.
He emphasized that all consumer classes—residential, commercial, industrial, and government accounts—are poised to benefit from this one-time refund.
“Starting January 2023, over or under-recoveries have accumulated to P141 million, which, when converted into rates, is equivalent to P2.76/kWh,” Parcon added.