Good news to all the more than 440,000 power consumers of the Visayan Electric.
This as Visayan Electric will implement a reduction of P0.94 per kilowatt hour in its average residential rate for the billing month of March-April of this year.
Queenie Sanchez-Bronce, the firm's Reputation Enhancement Department head, said that this is their biggest power rate reduction since December of last year.
This latest power rate reduction marks the fourth consecutive month that the company has implemented a rate reduction, providing relief to its customers.
It can be recalled that the power distributor implemented a reduction of P0.05-centavo per kwh in their December to January billing, another P0.27-centavos per kwh in their January to February billing cycle and a decrease of P0.89 per kwh in their electricity bill for the month of February to March.
Bronce told The Freeman yesterday that as of February 2023, they have a total of 442,767 residential consumers.
According to the Visayan Electric, this latest P0.94-centavo rate reduction, which brings the residential rate to P14.25 per kWh, means a savings of up to P188 for a household that has an average monthly electricity consumption of 200kWh.
According to the electric utility firm, the reduced rate is due to the low price of coal in the world market, which has allowed them to lower their generation charges.
'This has resulted in a decrease in the overall cost of electricity, benefiting the customers of Visayan Electric,' it said in a statement.
However, despite the rate reduction, the company advises its customers to continue conserving electricity to avoid high bills, especially with the summer months approaching.
This company emphasized that energy conservation is crucial, particularly during peak hours, as it helps ease the demand for electricity and stabilize the overall supply.
'We are committed to providing our customers with reliable and affordable electricity. With the low price of coal in the world market, we are able to pass on the savings to our customers through this rate reduction. We encourage our customers to continue practicing energy conservation to help manage their electricity bills and ensure a stable supply of electricity,' said Visayan Electric's President and Chief Operating Officer, Raul C. Lucero in the same statement.
Early this year, the Department of Energy (DOE) issued a warning that there may be yellow alerts in the Visayas grid during the summer months due to the high demand for electricity with the increased use of air conditioning and other cooling appliances.
In the power industry, the Visayan Electric emphasized that yellow alerts indicate that there is a power supply deficiency, and the demand for electricity is higher than the available supply.
Red alerts, meanwhile, indicate that the supply-demand balance has further deteriorated and signals the possibility of rotational brownouts.
Visayan Electric, in line with the DOE's warning, advises its customers to conserve electricity and be mindful of their energy consumption to avoid high bills and potential power outages.
The company also encourages its customers to shift their high-energy activities to non-peak hours, such as early in the morning or late at night, to help ease the demand for electricity during peak hours.