Manila Electric Co. (Meralco) announced that it plans to refile with the Energy Regulatory Commission a new computation for the 5th regulatory period after deciding to withdraw its previous application.
Meralco filed in March 2022 its 5th RP application for an annual revenue requirement and performance based incentive scheme for regulatory years 2023 to 2026, covering the period July 1, 2022 to June 20, 2026 for a total ARR of P320.5 billion and average price of P1.5702 per kWh.
Meralco said that as of now, the ERC has not issued an order on its petition.
Consequently, the company filed a motion on September 28 to withdraw its application from March 2022.
Meralco has formally requested the Energy Regulatory Commission (ERC) to impose a rate of P1.3522 per kWh for regulatory years 2023 and 2024, citing the expiration of the previous proposal.
Additionally, Meralco has sought permission to resubmit the application on February 15, 2024.
Meralco said the ERC would violate its rules by resolving the application, as the ARR must be forward-looking, reflecting its cash flow requirements and representing an optimal forecast revenue requirement.
It said that because of the delay, the application is no longer based on forecasts and at the same time, the application will need to consider supervening factors under the 5th RP.