BY LUIS BUENAFLOR JR.
FIFTY-THREE days from today, “I am Iloilo City’s” sole power distribution utility, MORE Electric and Power Corporation, a.k.a. MORE Power, would be in service to the Ilonggos for exactly five years as it officially begun operation on February 28, 2020.
Although it was granted a 25-year power distribution franchise on February 14, 2019 by Congress and duly signed by then President Rodrigo Duterte, it took almost a year for the dust to settle from all the tantrums caused by the former power distribution utility whose franchise expired on January 18, 2019 and was not renewed by Congress.
Since then, after almost a century of bondage from the former power distribution utility, MORE Power is the best thing that happened to “I Am Iloilo City”, almost heaven sent. As one very prominent Ilonggo said: “MORE Power is a breath of fresh air, a wonderful sigh of relief.”
Aside from starting with perhaps the cheapest electricity rate in the country at P6 plus per kwh and still maintaining the lowest rate in the region after five years of geopolitical upheavals affecting the cost of energy, the company is the epitome of what corporate social responsibility should be and has set the standards for service and relations.
I suppose I need not elaborate on this as they are already public knowledge and the norm for Iloilo City’s power distribution utility.
Moving on, let’s check out the tangible if not profitable effects of MORE Power to the economy of “I Am Iloilo City”.
And let’s start with this: MORE Power has grown from a customer base of 62,000 to 100,000 households since 2020 when it took over as the sole power distribution utility of “I Am Iloilo City”. This is a very good indicator that business is booming and that they’re doing something good for the natives of Iloilo City.
MORE Power has invested P3 billion for its five-year modernization program (now on its final year), upgrading the power distribution system and other facilities up to par with the 21st century.
As a testament to the role of MORE Power in boosting the city’s capability to host bigger business ventures, many multinational call centers have come in, making Iloilo one of the most livable highly-urbanized cities in the Philippines.
Mayor Jerry Treñas declared MORE Power president / chief executive officer Roel Castro “an adopted son of Iloilo City” through Executive Order No. 162, last December 12, 2024.
Meanwhile, the growth in MORE Power’s customer base means it has contributed an average of P4.99 billion annually to Iloilo City’s economy, according to a study from the University of Asia and the Pacific (UA&P). As I said, the best indicator for that is the rapid expansion of its customer base in just four years from 62,000 in 2020 to100,000 and counting today.
UA&P President Winston Conrad B. Padojinog said, “On average, what is injected into the economy of Iloilo is close to P5 billion or almost 4% of the economy of the city of Iloilo”.
Also in that study, the 3.8% gross city domestic product is attributed to MORE Power being a reliable electricity service distributor, creating an average of 2,200 jobs every year.
Under the leadership of Castro, MORE Power has created around 6,693 jobs, both directly and indirectly.
Finally, MORE Power’s residential consumers will see a decrease of P0.3922 per kilowatt-hour (kWh) in their bills this December 18, 2024 to January 12, 2025 billing cycle.
Iloilo City’s sole power distributor, announced that its average residential electricity rate for December will drop to P11.4170 per kWh from P11.8092 per kWh in November.
The power firm attributed the decrease to “lower generation charges, driven by a decline in WESM (Wholesale Electricity Spot Market) prices.”
According to MORE Power, “by capitalizing on these lower rates, we purchased the majority of our electricity requirements from the spot market. This reduction provides much-needed relief to our customers, making electricity more affordable for this billing cycle.”
Well played, indeed./PN
