ERC rejects SMC-Meralco joint petition for rate hike

The Energy Regulatory Commission (ERC) has rejected the joint petition of San Miguel Corp. and Manila Electric Co. (Meralco) for a power rate hike. In its 40-page decision, the ERC denied the joint motion for price adjustment filed by Meralco and South Premiere Power Corp. (SPPC)., a subsidiary of listed conglomerate SMC. "As the regulatory body of the power industry, the Commission finds it necessary that applicants be reminded of their obligations under the PSA (power supply agreement) which they have entered into voluntarily. More importantly, the Commission emphasizes the responsibilities of Meralco under Republic Act No. 9136 and its franchise, as a distribution utility, to pr...

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