LOWER POWER RATE. Ilocos Norte Electric Cooperative acting general manager Cipriano E. Martinez III provides updates on the measures that the electric cooperative is implementing to further lower power rates, during a press briefing at the INEC main branch in Dingras, Ilocos Norte on Wednesay (Oct. 18, 2023). He said these measures are being done while addressing INEC’s financial issues. (PNA photo by Leilanie Adriano)
LAOAG CITY – Ilocos Norte’s power rate is targeted to decline to less than PHP10 per kilowatt hour (kWh) by the first quarter of 2024 through the monitoring of spot market rates and dialogues with independent power producers (IPPs).
The residential rate of the Ilocos Norte Electric Cooperative (INEC) has been reduced for two consecutive months, with the October 2023 rate now at PHP10.9955/kWh, from PHP14.7368/kWh in August.
Acting INEC general manager Cipriano E. Martinez III, in a briefing on Wednesday, traced this development to the electric cooperative’s commitment to cost efficiency and sustainability.
"Our target is to bring down the cost of power rates to single digit by the first quarter of 2024,” he said.
Martinez said consumers could expect additional reductions in the power rates as INEC continues to team up with the provincial government and other stakeholders to discuss ways how to get supply at a lower cost.
He said the power cooperative has spoken with traders to monitor the best time to purchase from the Wholesale Electricity Spot Market.
He said INEC is also looking at the production capacity of established solar power firms in the province to supply at least 15 percent of the electric cooperative’s requirements.
He disclosed that the cooperative has entered an emergency power supply agreement with AboitizPower to lock down rates and supply ahead of the seasonal demand uptick during the holidays.
"For the year, we have locked down the rate to PHP6.65/kWh and we hope that this will reflect in your next billing,” he added. (PNA)
