The Energy Regulatory Commission on Friday said it is carefully reviewing the power supply agreements of Manila Electric Co. that have been pending for over a year to ensure “just and reasonable costs” are passed on to consumers.
The ERC said in a statement it had not approved Meralco’s PSA petitions despite a commitment to Congress to come out with a decision three months from early July.
“The agency assures the electricity consumers that the Meralco PSA applications that are still pending review are being evaluated to ensure that only just and reasonable costs shall be included in the electric bill,” the ERC said.
The regulator is mandated to review bilateral power supply contracts signed by distribution utilities under the Electric Power Industry Reform Act of 2001.
“We are carefully scrutinizing each of the cost components in the Meralco PSA applications that is why the final approval of these applications have been taking some time”, ERC officer-in-charge Alfredo Non said.