NO BASIS FOR PETITION: ERC rejects rate hike sought by Meralco, SMC power subsidiaries [Inquirer]
The Energy Regulatory Commission (ERC) has denied the joint petition of Manila Electric Co. (Meralco) and listed conglomerate San Miguel Corp. (SMC) for higher power rates. Meralco and electricity suppliers South Premiere Power Corp. (SPPC) and San Miguel Energy Corp. (SMEC), both owned by SMC, earlier filed the petition as a temporary relief measure to cushion the impact of skyrocketing coal and fuel prices caused by the Russia-Ukraine war.
ICSC welcomes ERC ruling on SMC-Meralco rate hike petition
QUEZON CITY, 4 October 2022 – The Energy Regulatory Commission (ERC) denied yesterday the joint proposal of Meralco and San Miguel Corporation (SMC) of a PHP0.30 per kilowatt-hour (kWh) increase in power rates. In their official ruling, ERC reminded both parties, especially Meralco as a regulated entity, of their obligation to preserve the 2019 power supply agreement (PSA) they have voluntarily entered under the approved terms to protect consumers in its franchise area. The PSA, according to the Commission, “provides no room for price adjustment and only a guaranteed supply of energy to Meralco consumers at a fixed price.” [...]
Consumers should not pay the price for risky coal deals
Sara Jane Ahmed Note: This commentary originally appeared in Business World. The rapid drop in the cost of renewable energy has opened new possibilities in energy systems around the world, including the Philippines. Coal has become toxic, both in terms of its high cost to consumers and the negative financial consequences for banks and investors. In India, China, Malaysia, and, most recently, Vietnam, a trend of cancellations and delays involving new coal plants has emerged. Vietnam is witnessing a rapid adoption of renewable energy while cumbersome coal power producers struggle to remain competitive. Here in the Philippines, the Panay Energy [...]