The Manila Electric Company (Meralco) warned of a possible increase in electricity rates this June following the consecutive red alerts on the Luzon grid in May.

According to the Independent Electricity Market Operator of the Philippines (IEMOP), spot market electricity prices reached as high as PHP 32 per kilowatt-hour at the peak of the red alert period from May 13 to 15.

Meralco said the demand for electricity also surged due to the intense heat, surpassing the peak demand recorded last year.

The company added that higher consumption from cooling devices and the lack of electricity supply are driving up prices in the electricity market.

Consumers are expected to feel the possible additional charges in their next billing cycle in June.