'It is not just the cost of power Meralco buys from generators that explain its high electricity prices.

As significant has been Meralco’s “distribution charges,” which actually includes such a cost as that for your electric meter. These account for 30 percent of the bill for a middle class consumption of 450 kilowatt-hours in a month, a bit smaller in share than the 45- percent cost of power (“generation costs”) it buys from generators.