South Premiere Power Corp. (SPPC) and the Manila Electric Co. (Meralco) will proceed to re-negotiate their power supply agreement (PSA) after the 13th Division of the Court of Appeals (CA) issued a writ of preliminary injunction (WPI). Know more:
South Premiere Power Corp. and the Manila Electric Co. will proceed to re-negotiate their power supply agreement after the 13th Division of the Court of Appeals issued a writ of preliminary injunction .
The appellate court said SPPC—a unit of SMC Global Power Holdings Corp. of conglomerate San Miguel Corp.—and Meralco shall agree on a “satisfactory solution” regarding the amendment of their PSA to SPPC’s commercial position prior to such change in circumstances, including an adjustment of the contract price.
The ERC order denied the rate hike joint petitions of SPPC and San Miguel Energy Corp. , and Meralco for price adjustments to serve as temporary relief covering a combined P5.2 billion in losses incurred from January to May 2022 due to the unprecedented spike in fuel prices. The same court directed SMEC, Meralco, and ERC to file a comment after the Sixteenth Division of the CA granted SMEC’s motion to consolidate the subject case with that of SPPC.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CA rules Meralco-San Miguel power supply deal still suspendedWhile the suspension stays, the Court of Appeals directs Meralco and San Miguel unit South Premiere Power Corporation to negotiate the terms of their supply deal.
Read more »
Bachmann in PSA Forum | BusinessMirrorPHILIPPINE Sports Commission (PSC) Chairman Richard Bachmann graces the Philippine Sportswriters Association (PSA) Forum for the first time on Tuesday. Bachmann will discuss the PSC’s plans and programs under his administration in the session that starts at 10 a.m. at the ground floor of the Rizal Memorial Sports Complex administration…
Read more »
Well-milled rice prices rise in mid-December - BusinessWorld OnlineTHE average retail price of well-milled rice rose in mid-December at four major trading centers tracked by the Philippine Statistics Authority (PSA). Prices rose on Dec. 15-17, which the PSA terms the second phase of December, compared with the prices from Dec. 1-5, or the first phase of the month. Higher prices were reported in […]
Read more »
South Korea’s economic contraction strengthens case for rate hike end | Sam Kim / BloombergSouth Korea’s economy shrank for the first time since the beginning of the pandemic last quarter, an outcome that supports the view the central bank is likely done with interest rate hikes for now. Gross domestic product contracted 0.4 percent from the previous three months as exports fell and consumer…
Read more »
NATO’s chief urges South Korea to step up military support for UkraineNATO Secretary-General Jens Stoltenberg urged South Korea on Monday to increase military support to Ukraine, citing other countries that have changed their policy of not providing weapons to countries in conflict after Russia’s invasion. | Reuters
Read more »
Eight killed in mass shooting at birthday party in South AfricaGunmen killed eight people and wounded three others at a birthday party in South Africa’s Eastern Cape province, police said, adding that manhunt was underway to find the killers. | Reuters
Read more »