The manila electric company (meralco): Meralco will implement a PHP0.59 per-kilowatt-hour refund for residential consumers this month. Meralco spokesperson Joe Zaldarriaga stated that this development aligns with the refund approved by the Energy Regulatory Commission (ERC).

According to Philippines News Agency, Zaldarriaga mentioned that the latest refund aims to offset other upward adjustments in the August bills. These adjustments include a significant increase in reserve market prices charged by the National Grid Corporation of the Philippines (NGCP), a higher feed-in tariff allowance (FIT-All) to be collected from all electricity end-users starting this month, and the ERC-approved collection of pass-through under recoveries.

Zaldarriaga added that the possible downward adjustment could provide relief to Meralco customers, especially with the lower overall demand observed in the Luzon grid, as reported earlier by the Independent Electricity Market Operator of the Philippines (IEMOP). He also encouraged the public to continue practicing energy efficiency measures.

Data released by IEMOP last week indicated that wholesale electricity prices in the spot market dropped in July due to cooler weather conditions, resulting in lower demand. Meralco is set to announce the new rates on Monday.