Manila, Sept. 24 -- The Regional Secondary Price Cap (RSPC) imposed by the Energy Regulatory Commission (ERC) helped lower electricity rates in the franchise area of More Electric and Power Corp. (MORE Power), the distribution utility said Wednesday.

During a press briefing, MORE Power chief operating officer Ronald Torres said the cap applies to a portion of the utility's generation charge sourced from the spot market, and is retroactive to August.

Under the ERC order, a cumulative spot market price exceeding PHP12.413 per kilowatt-hour (kWh) is capped at PHP7.423 per kWh. In the Visayas, the threshold reached PHP18.59 per kWh, Torres said.

MORE Power gets 27 percent of its power supply from the spot market, 72 percent from bilateral ...