The Negros Occidental Electric Cooperative announced a P2.13 per kilowatt-hour increase in its electricity rates for November.
Its electricity rate for this month is at P15.0388/kWh, which is P2.1257 higher than last month’s P12.9131/kWh, NOCECO said in a press release.
NOCECO attributed the increase to the higher generation charges due to price hikes at the Wholesale Electric Spot market.
Fluctuations in foreign exchange rates affecting fuel costs, and increased transmission charges imposed by National Grid Corporation of the Philippines also drove the current rates up, it said.
To mitigate the impact of these factors, NOCECO has followed up with the Energy Regulatory Commission to secure approval for a new contract with KEPCO Salcon Power Coporation to reduce exposure to the volatile WESM, the press release said.
It is also collaborating with other electric cooperatives in Visayas to advocate for the potential suspension of the reserve market for ancillary services, which has significantly contributed to increased transmission charges. it added.
Northern Negros Electric Cooperative and Negros Electric Power Corporation have yet to announce their electricity rates for the month.*