Power consumers of the Visayan Electric are expected to increase their electricity rate for the October-November billing cycle.
VECO in a statement said that residential customers will experience a P0.13 centavos increase in the average rate for the said billing month due to high prices of fuel in the world market.
VECO said that this also includes in the increase in the transmission charges by the National Grid Corporation of the Philippines (NGCP).
Engr. Raul C. Lucero, VECO president and chief operating officer explained that the efforts of the electric distribution utility to lower its generation rates by terminating some of the Power Supply Agreements (PSAs) were overtaken by the volatile prices of fuel in the world market.
“Visayan Electric is constantly trying to find ways to lower electricity cost such as renegotiating or terminating contracts with our power suppliers. However, the prices of fuel, the main source of power in the country, are really high right now and these are things that we cannot control,” Lucero said.
VECO added that it continues to offer payment arrangements for customers who cannot pay their electricity bills in full.
It added that payment arrangements which are subject to assessment, may be availed through any of the utility’s service centers.
VECO is the second largest electric utility in the Philippines. It serves the cities of Cebu, Mandaue, Talisay, Naga and four municipalities of the greater part of Metro Cebu –Liloan, Consolacion, Minglanilla and San Fernando.
(By: April Therese Tan)