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Bilyonaryo - Business

Aboitiz ikaw ba ‘yan? SMC Power tells ERC to uphold the rights of all, ‘not just a few, power companies’

  • November 28, 2022
  • Bilyonaryo.com

San Miguel Corp. Global Power (SMCGP) led by ultra bilyonaryo Ramon S. Ang believes the Energy Regulatory Commission should not play favorites in the power sector.

“It (ERC) is mandated to uphold the rights of all stakeholders in the power sector. This includes all, and not just a few, power generation companies,” said SMCGP in a statement.

The ERC is led by CEO Monalisa C. Dimalanta, one of three former executives of Aboitiz Power (AP), chaired by Presidential Adviser and bilyonaryo Sabin Aboitiz, running key posts in the government’s energy portfolio.

The other two former AP execs are Energy Secretary Popo Lotilla and Power Sector Assets and Liabilities Management Corp. (PSALM) presidentDennis Edward de la Serna.

SMCGP recently obtained a 60-day temporary restraining order against the ERC which denied its petition to temporarily increase rates in the power supply agreement (PSA) between Manila Electric Co. (Meralco) and South Premiere Power Corp. (SPPC), a unit of SMCGP.

“In our joint petition before the ERC, Meralco already provided the Commission with in-depth computations and projections showing that granting the temporary rate hike would have been the least costly option for power consumers. It would also be beneficial in the long term, as it would preserve the fixed-rate PSAs,” said SMCGP.

“The projections were reviewed and validated by no less than the ERC’s own Regulatory Operations Service. And yet, the ERC Chair and two Commissioners denied the petition, forcing us to continue to absorb losses, and essentially preventing us from exercising our legal options, clearly laid out in the PSAs, to preserve our financial standing. This, despite two other commissioners delivering strong dissenting opinions,” said SMCGP.

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“Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.

 

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