By Alena Mae S. Flores Posted Oct. 29, 2012 at 12:01am
Manila Electric Co. has increased its refund estimate to consumers to P10 billion from P9.1 billion due to the double charging of transmission line costs, the regulator said over the weekend.
“Meralco updated the calculation, it’s not P9.1 billion but some other figure… More or less it is in that [P10 billion] range already,” Energy Regulatory Commission executive director Francis Saturnino Juan told reporters.
Juan said Power Sector Assets and Liabilities Management Corp., which manages the assets and liablities of National Power Corp., was given the opportunity “to further ventilate its position.”
The double charging arose from the simultaneous implementation of the transmission line rentals included in the Napocor-Meralco transition supply contract and the charge imposed by Philippine Electricity Market Corp. on power purchases from the Wholesale Electricity Spot Market, which ERC both approved.
PSALM earlier assured that it would proceed with the refund for overcharging as soon as parties involved in the case complied with requirements of ERC ruling. source
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