MANILA ELECTRIC Co. (Meralco) is negotiating with power generation companies to source 670 megawatts (MW) that a unit of San Miguel Global Power Holdings Corp. stopped supplying in a move that could raise electricity rates starting in January.
The Energy Regulatory Commission , however, was left out of the discussion as it claims to have not been informed by the power distributor of the reported cessation of supply.
“Unfortunately, despite being shown that granting our petition would have been the cheapest option for consumers, the ERC still denied our petition,” SMC Global Power President and Chief Executive Officer Ramon S. Ang said. “The spot market prices based on the IEMOP’s report from Monday and Tuesday, they ranged from P7 to P9 per kilowatt-hour compared to SPPC’s P4 per kWH,” Mr. Fernandez said, referring to Independent Electricity Market Operator of the Philippines.
SMC Global Power is seeking to recover losses amounting to P5 billion while absorbing P10 billion. It claims to have lost P15 billion because of extraordinary circumstances, including soaring fuel costs, which were way higher than when its units forged the PSAs.
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