More Power Inaugurates 69kV Switching Station in La Paz: More Electric and Power Corporation (More Power Iloilo) introduces its 69kV switching station in Brgy. Banuyao, La Paz, as part of its modernization program for the City of Iloilo. The facility will soon be energized and will connect all the substations of MORE Power to the Sta. Barbara substation of the National Grid Corporation of the Philippines (NGCP). It will also play an important role in Iloilo City’s transmission grid as it will further reduce the power rate for the consumers of Iloilo City.
Moreover, starting on May 26, the distribution utility will directly purchase 100 percent of the needed power supply for Iloilo City from the Wholesale Electricity Spot Market (WESM), the venue for trading electricity as a commodity.
During the inauguration, More Power President and Chief Operating Officer Roel Castro revealed that the DU can opt for a cheaper power supply from WESM and Power Sector Assets and Liabilities Management Corporation (PSALM).
“Though prices in the WESM are highly volatile, it is also noteworthy that on the average, WESM prices are relatively low especially during off-peak periods. More Power is an active participant in the WESM and very responsive to the movement of spot market prices,” states Castro.
He also stated that starting January next year, More Power will undertake the Competitive Selection Process (CSP) for its long-term power supply required to provide more competitive and better electricity rates to the consumers of Iloilo City. For about a year, at least 70 percent of the needed generation for Iloilo City is being supplied by Global Business Power, an agreement stipulated in the 1-year emergency contract between MORE and GBP when the former took over the distribution utility in this southern metropolis. Despite this, MORE Power was able to reduce the power rate for its consumers by buying the remaining 30% from other producers at a cheaper price.
“This switching station will certainly play an important role in strengthening More Power’s service reliability and in making cheaper rates much more possible for the benefit of all our consumers,” Castro continues adding that the DU will continue to invest in its upgrading program to ensure that facilities for capacity and reliability will be achieved.
“Little by little we are doing that. We will be expanding most of the areas covered by our existing substations, and we will be building additional substations because we need to synchronize our capacity where we are connected,” he added.
For his part, Mayor Jerry Treñas lauded once again the effort being made by More Power.
“More Power is not just a distribution or electric company in Iloilo City, it is a partner of the city government for the development of our beloved city. All of these developments that MORE Power is bringing into Iloilo will definitely benefit the Ilonggos as well as our investors,” he said, emphasizing, “With MORE power here as our partner, we are certain of a stable distribution company that will bring in more investments for Iloilo City and more employment for Ilonggos,” states Mayor Treñas.