Philippines becomes world’s top solar spender amid Middle East energy crisis

AI Summary

The Philippines has become the world's largest spender on solar energy installations due to soaring electricity prices driven by the Middle East energy crisis and the ongoing war in Iran. Power distributor Meralco has increased prices by 10% since February, significantly impacting household energy costs.

People in the Philippines are flocking to install solar power on rooftops and escape the burden of soaring electricity prices, making it the world’s biggest spender on solar panels since the war in Iran started. Top power distributor Meralco has raised prices by 10 per cent since the Middle East conflict began in late February. Now, a median household spends around 12 per cent of monthly ‌income on electricity, assuming it consumes 200 kilowatt-hours – around the monthly average for three...