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March 10, 2021 | 12:32 am Font Size
PHILIPPINE STAR/MICHAEL VARCAS
TYPICAL HOUSEHOLDS in Metro Manila can expect to see a P72 drop in their power bills this month, after Manila Electric Co. (Meralco) on Tuesday announced it will start implementing refunds for its customers.
In a statement, the distribution utility said the overall power rate stands at P8.3195 per kilowatt-hour (kWh) in March, P0.3598 per kWh lower than the February rate. This is the lowest overall power rate since August 2017, and the second straight month of the downward adjustment.
Typical households are those that consume 200 kWh, according to Meralco.
This month, those consuming 300 kWh, 400 kWh and 500 kWh would see a P108, P144 and P180 drop in their power bills, respectively.
March 3, 2021 | 12:07 am Advertisement
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MR. PANGILINAN says Atimonan power plant project is a candidate for conversion into a gas facility. BW FILE PHOTO
MANILA ELECTRIC Co. (Meralco) should look at participating in the gas business, its chairman said, as a separate company that he leads is set to develop an offshore area for its resources.
“We hope that (Service Contract) 72 could get developed as an oil field and once we start developing, we have to connect to Malampaya because we need the facilities to process the raw gas, then pipe it to Batangas,” Meralco Chairman Manuel V. Pangilinan said in a press briefing on Monday.
BusinessWorld
March 2, 2021 | 12:10 am
Fourth-quarter profit slips as homes take biggest consumption share
MANILA Electric Co. (Meralco) posted a core net income of P5.98 billion in the fourth quarter of 2020, down 11.2% year on year to cap 2020 with residential users accounting for the biggest share of power consumption.
Excluding one-time items, the power distribution utility’s reported income slipped by around 2% to P5.064 billion, its finance chief said in a media briefing on Monday.
For full-year 2020, Meralco reported an 8.9% drop in core net income to P21.71 billion as it logged lower electricity sales due to reduced power purchases.
“We ended 2020 with consolidated core net income of P21.7 billion, about 9% lower than the P23.8 [billion] in 2019,” Meralco Senior Vice-President and Chief Finance Officer Betty C. Siy-Yap said to present the listed firm’s operating and financial results for 2020.
BusinessWorld
February 26, 2021 | 12:07 am
CUSTOMERS of Manila Electric Co. (Meralco) have a “strong” chance of seeing their electricity bill next month to be lower as it will include the average refund rate of P0.1528 per kilowatt-hour (kWh) for “over-recoveries” as ordered by the Energy Regulatory Commission (ERC), a company official said on Thursday.
“Based on initial projections, there is a strong likelihood that power rates for March 2021 will go down, as this will be the second consecutive month of decrease for the year,” Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga said in a Viber message.
He added that the distribution utility was still waiting for the final bills from its power suppliers.