Independent Electricity Market Operator of the Philippines (IEMOP) said electricity rates in the three power markets in the Philippines have gone down in July following a lower demand.

According to IEMOP the Visayas spot market registered the biggest drop in electricity prices, from P14.46/kWh to P11.29 or a reduction of over P3.00. Mindanao spot market prices dipped by over P2.30. In the Luzon spot market, where Meralco sources a portion of its supply, electricity prices went down by around P0.65.

Meralco sources less than 10 percent of its overall supply from the Luzon spot market in the past months.

Meanwhile, the National Association of Electricity Consumers for Reforms or Nasecore wants the Energy Regulatory Commission to halt the implementation of its order authorizing Meralco to collect under-recoveries amounting to P8.7 Billion.

These under recoveries are for generation and transmission charges as well as government taxes, which have been paid for by Meralco from 2011-2022.

According to Nasecore President Pete Ilagan, since the under recovery amounts to billions of pesos, which in effect is a reimbursement to Meralco, the computation should first be cleared before it is collected from consumers over a 3-year period.

But ERC Chairman Nino Juan said the proper remedy for Ilagan is through a motion for reconsideration.

“We’ve promulgated the Decision. We’ve placed on record our reasons for issuing it in sync with the 9.5B refund directive in the various interviews I gave. Please understand there is no ideal time to implement an increase,” He said.