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| Powering the conversation: IEMOP President & CEO Atty. Richard Nethercott and MORE Power/Negros Power/Bohol Light President & CEO Roel Castro discussed the future of energy at the Power Outlook Forum in Iloilo City. Nearly 60 media members from across the Visayas were in attendance (May 22, 2025). |
In a positive development for power consumers in Western Visayas and Negros Island, private electric distribution utilities under the leadership of billionaire businessman Enrique Razon, Jr. continue to offer the most competitive electricity rates in the region, outpacing the rates charged by electric cooperatives.
For over five years, MORE Electric and Power Corporation (MORE Power) — the exclusive electricity distribution utility in Iloilo City — has consistently maintained the lowest residential power rates in Panay Island and Guimaras. This May, MORE Power’s residential rate stands at P11.13 per kilowatt-hour (kWh), notably lower than those of surrounding electric cooperatives:
• ILECO I: P12.53/kWh
• ILECO II: P12.25/kWh
• ILECO III: P11.27/kWh
• AKELCO (Aklan): P12.74/kWh
• ANTECO (Antique): P12.82/kWh
• CAPELCO (Capiz): P12.78/kWh
• GUIMELCO (Guimaras): P12.69/kWh
The trend extends to Negros Island Region as well, where Negros Electric and Power Corporation (Negros Power) — a joint venture of Primelectric Holdings, Inc. and Central Negros Electric Cooperative (CENECO) — has, for seven consecutive months since beginning operations in November 2024, offered significantly lower rates. For May, Negros Power’s rate is P11.69/kWh, undercutting those of neighboring cooperatives:
• NONECO: P13.28/kWh
• NOCECO: P12.02/kWh
• NORECO 1: P12.18/kWh
• NOCECO 2: P11.71/kWh
Best Practices Behind Lower Electricity Rates
Industry experts and energy market regulators attribute the lower rates of private utilities to sound, proactive power sourcing and contracting strategies.
According to Independent Electricity Market Operator of the Philippines (IEMOP) President and CEO Atty. Richard Nethercott, a utility’s supply mix and procurement decisions are critical to achieving lower and more stable electricity prices.
“Electricity rates are driven by multiple factors — market conditions, the utility’s contracted supply portfolio, and its internal purchasing strategies. Utilities that manage their supply sourcing well and remain active in monitoring market trends are better positioned to offer consumers lower rates,” Nethercott explained.
MORE Power and Negros Power President and CEO Roel Castro reaffirmed this view, noting that their companies’ consistently low rates are the result of strategic power contracting through a Competitive Selection Process (CSP), coupled with diligent and real-time monitoring of price movements in the Wholesale Electricity Spot Market (WESM).
Castro emphasized that 60-65% of a consumer’s electric bill comes from the generation charge, making it crucial for utilities to secure competitive generation supply contracts. “By actively participating in market opportunities and negotiating long-term power supply agreements at competitive rates, we’re able to keep costs down for our consumers without compromising service reliability,” he added.
As power rates remain a significant concern for Filipino households, the experience of MORE Power and Negros Power underscores the importance of professionalized utility management, transparent procurement, and market-savvy operations — practices that not only benefit the utilities but, most importantly, deliver direct, tangible savings to electricity consumers.