Power Rates: Up, Up and Away
Power rates are likely to increase further in the coming months as the impact of higher coal and crude oil importation costs trickle down to consumers, mainly due to a weak peso that has magnified the effect of high fuel prices for power generation.
In particular, in the seven months since Russia invaded Ukraine, world coal prices have more than tripled, and now remain elevated in solidarity with crude oil and gas prices. Thus, for the Philippines, which is largely dependent on imported fossil fuels (except natural gas), the depreciation of the peso, now already by 14 percent, can be catastrophic. | via Philippine Star