MANILA - Power rates will see a minimal increase in January because of higher electricity prices in the spot market last December, Meralco Spokesman Joe Zaldarriaga said on Monday.

Around 20 percent of Meralco's supply for December was obtained from the spot market, Zaldarriaga said.

The final rate adjustment is expected to be announced by Wednesday, January 10, he said.

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Meralco has also announced three companies submitted the lowest bids for the 1,800-megawatt supply it needs.

GNPower Dinginin Ltd. Co. (GNPD), Mariveles Power Generation Corporation (MPGC), and Excellent Energy Resources, Inc. (EERI) submitted the lowest offers for Meralco’s future baseload requirement from December 2024 to 2039.

GNPD offered a total levelized cost of electricity (LCOE) rate of P6.858 per kilowatt-hour (kWh) for 300 MW of the total requirement.

LCOE refers to the cost of operating a power generation plant.

MPGC offered P6.9971 per kWh LCOE for another 300 MW of supply, while EERI, meanwhile, put in the bid for the biggest 1,200-MW supply at P 7.1094 per kWh LCOE.

Masinloc Power Co. Ltd. (MPCL), the other generation company that participated in the bidding, offered for 300 MW at a rate of P7.1417 per kWh.

Meanwhile, the country's largest power distributor has also started its campaign for energy efficiency this early due to the expected impact of the El Niño phenomenon.

Zaldarriaga advises consumers to make energy efficiency a way of life by maintaining the optimal condition of appliances and being conscious of energy usage.

He noted that consumption usually picks up as the temperature rises so aside from potential higher electricity, consumers' bills are also affected due to higher consumption.

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