Bilyonaryo - Business

Infrawatch PH: Regulatory authorities to blame for higher power prices

December 11, 2022

Bilyonaryo.com

Infrastructure-oriented think tank Infrawatch PH said energy regulators have no one to blame but themselves if the public experiences bill shock in January.

Terry Ridon, Infrawatch PH convenor, said the public should brace for higher electricity rates in the new year due to the termination of San Miguel Global Power’s power supply agreement (PSA) with Manila Electric Co. (Meralco).

“This is certain: energy regulators will face a crisis as soon as the January power bills arrive at the doorsteps of ordinary households. How will they explain to struggling families that they were ultimately responsible for the price hikes?” Ridon said.

“This is a power which the ERC could have wielded during the joint petition deliberations, if only to stop rates from spiking at the pace that we are currently seeing. They made their bed, but it is the public that will lie in it,” he added.

Ridon said the PSA suspension has now resulted in Meralco procuring additional supply from the electricity spot market, which translates to prices that are at least 75 percent more expensive than the price in the PSA.

“With unabated inflation and stunted incomes, energy regulators should explain to the public how these elevated rates constitute the least cost to consumers?” he said.

Infrawatch PH is calling on the ERC to ensure the “least cost to consumers,” saying that the public will not accept price proposals higher than the price proposal in the rejected petition.

Related News Tags: energy, Infrawatch PH, Meralco, power supply agreement (PSA), San Miguel Global Power, Terry Ridon

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