MANILA, Philippines - Double good news for Manila Electric Co. (Meralco) consumers this December: aside from lower generation charge of P0.31/kwh, the power utility will be paying out interest payments for customer bill deposits.
The reduction in this months' generation charge was brought about by Meralco's purchase of more power from the National Power Corp. (Napocor).
Electricity prices in the spot market and independent power producers actually went up but were offset by lower Napocor prices, lower transmission charges and taxes.
For consumers using 100 kwh per month, the reduction will be P31, while those utilizing 500 kwh per month will realize a cut of about P155.00.
Meanwhile, 1.5 million Meralco customers are set to get back their interest payments on bill deposits beginning this week.
These customers whose contract anniversary fall from January to September, November, and December and whose bill deposits are more or less higher than their current consumption will get the interest payout of their bill deposits this December.
To illustrate: Given that the interest rate was 10% in 2008 and 2009, 0.75% for 2010, and 0.5% in 2011 and 2012, a customer that paid P2,000 for his bill deposit in 2008 will get a rebate of around P435.00, which will be deducted in his December electricity bill.