Residents of Iloilo City will see a drop in their electricity bills this month, as MORE Electric and Power Corp. (MORE Power) announced P0.7836 per kilowatt-hour (kWh) decrease in its residential electricity rates. 

In an advisory on Wednesday, the Razon-led power distributor said average rate went down to P10.4177 per kWh this March — providing much-needed financial relief to consumers.  

The reduction is mainly attributed to lower generation and transmission charges, with MORE Power optimizing its energy procurement strategy. 

“A key factor in achieving this decrease is maximizing energy procurement from the spot market,” the company said. 

MORE Power is the exclusive electricity provider in Iloilo City owned by the group of businessman Enrique Razon Jr. It currently maintains a diverse mix of energy sources, the majority of which was still sourced from coal-fired plants but the company has already signified its intention to augment clean energy in the ratio.

At present, the company sources 57.5 percent of its generation mix from Wholesale Electricity Spot Market.