MANILA, Philippines - Good news for consumers. Meralco has announced lower generation rates for 2013 after signing contracts with new suppliers of electricity.

The reduction of P0.19/kWh is due to lower priced electricity from 5 new contracts from Semcalaca, South Premiere Power Corp., San Miguel Energy Corp., Masinloc Power Partners and Therma Luzon. The new contracted supply amounts to an additional 2,850 megawatts.

Al Panlilio, Meralco senior vice president for customer retail services and corporate communication, says the utility hopes to further bring electricity prices down when they contract more electricity from Meralco's own generating facility.

But Meralco clarifies the generation charge every month will still continue and may result to higher or lower reduction in generation charge.