Meralco cuts rates for 3rd month straight due to Tarlac solar farm
MANILA, Philippines — Electricity consumers can expect lower rates for the third month straight as the Solar Philippines Tarlac farm will start to dispatch to Meralco.
With this, customers can expect to save P3.0187/kilowatt per hour (kWh), or P603.74 for those with a 200 kWh monthly consumption, Solar Philippines said in a statement released Saturday.
At P2.9999/kWh, with two percent annual escalation, this is the lowest-ever rate of any Power Supply Agreement in the Philippines.
Solar Philippines added that the start of supply from the solar farm will save Meralco from Wholesale Electricity Spot Market (WESM) when prices peak, and prevent rotating blackouts as have occurred over the past months.
The Tarlac Solar Farm, with a peak demand of 150 megawatts, is the largest solar farm in the country and the first to dispatch electricity to Meralco under a Power Supply Agreement.
“We are proud to be the lowest-cost producer of electricity in the Philippines, and happy that Meralco’s approximately 30 million consumers will now benefit from these low costs,” Solar Philippines President Leandro Leviste said.
“We thank Meralco for accelerating the adoption of renewable energy, and becoming the No. 1 consumer of solar in the Philippines.” (Editor: Jonathan P. Vicente)
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.