Wednesday, April 02, 2008
Meralco seeks power rate hike (6:09 p.m.)
MANILA -- The power firm Manila Electric Company (Meralco) on Wednesday filed a petition before the Energy Regulatory Commission (ERC) for a provisional authority of P0.1938 per kilowatt-hour (kWh) rate increase for the second regulatory period covering July 1, 2008 to June 30, 2009.
In a disclosure to the Philippine Stock Exchange (PSE), Meralco stressed that the adjusted charges of P1.3607 per kWh from P1.1669 per kWh is already included in the under-recoveries of the rates they filed on their first regulatory period from July 1, 2007 to June 30, 2008 which is still pending for implementation.
According to Meralco, the P0.15 per kWh in the adjusted rates in their maximum average price (MAP) for 2009 could be attributed to correction factors related to adjustments of under-recoveries of revenues.
"The MAP 2009 of P1.3607 per kWh carries a correction factor of P0.1580 per kWh as a result of delays in the implementation of MAP of the first regulatory year, which resulted in under-recoveries," Meralco said in its application.
Excluding the rate increase from last year's MAP, Meralco said the calculated MAP for 2009 regulatory period would have been lower at P1.2557 per kWh, nearer the P1.260 per kWh MAP computed and as applied for in the final determination for Meralco's entry to the performance-based rate-setting (PBR) scheme. (MSN/Sunnex)
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