Manila, Feb. 19 -- Power consumers in Iloilo City are enjoying a reduction of PHP1.06 per kilowatt-hour (kWh) in their electricity bill this month.

"This positive adjustment was due to a significant drop in electricity prices at the Wholesale Electricity Spot Market from PHP6.46 per kWh to PHP3.40 per kWh," More Electric and Power Corp. said in a statement on Thursday.

The system loss also declined by PHP0.06 per kWh, reducing overall power costs, it added.

Fewer outages at the generation plants and the low demand due to cooler temperatures also contributed to the decrease.

With the reduction, the residential rate this February is at PHP11.60 per kWh, down from PHP12.66 per kWh in January.

This means that households with an average c...