Saturday, November 03, 2007
ERC: Power rates may go down amid oil price hike (8:25 p.m.)
MANILA--Despite the rise in world prices of oil, government claimed Saturday that electricity rates may even go down in the last months of 2007.
Energy Regulatory Commission (ERC) head Rodolfo Albano said the “strong” exchange rate of the peso cushioned the impact of the oil price hike.
“We expect power rates to go down. By Wednesday we will see how the generation rate mechanism of the National Power Corp. will react to the oil price hike, given the strong performance of the peso. At the end of the year we do not expect any rate increase,” he said over government-run dzRB radio.
Albano also said President Gloria Macapagal-Arroyo has instructed the ERC to keep watch over prices of electricity and make sure it does not go up. (JMR/Sunnex)
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