Aboitiz Power units face sanctions for delayed universal charge remittances

Aboitiz Power Corp. said its two distribution subsidiaries have been slapped with late remittance interest charges by the Power Sector Assets & Liabilities Management Corporation (PSALM).

In a stock exchange filing, Aboitiz Power said Davao Light & Power Company, Inc. and Visayan Electric Company, were penalized for their delayed universal charge remittances.

Specifically, PSALM levied a charge of P80,325.73 and P100,788.16 on Davao Light and Visayan Electric, respectively, for a one-day delay in the remittance of their November 2022 universal charge collections, as mandated by Section 5.02 of the UC Guidelines.

Despite the inconvenience caused, Aboitiz Power asserted that Davao Light and Visayan Electric had already settled the late remittance charges.