THE Energy Regulatory Commission “chose to look the other way” when it ruled against the petition for a temporary relief to recover part of the P15 billion in losses incurred by the units of SMC Global Power Holdings Corp. , the power arm of conglomerate San Miguel Corp. said Monday.
The ERC’s September 29 order denied the rate hike joint petitions of SPPC, San Miguel Corporation , and Meralco for price adjustments to serve as temporary relief covering a combined P5.2-billion losses incurred from January to May 2022 due to the unprecedented spike in fuel prices. Further, SMCGP said the projections were reviewed and validated by the ERC’s 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.
When sought for comment, the ERC said it “will wait for the CA to decide,” while reiterating that “this misinterpretation of the simulations of ROS will be clarified” when it submits its comments to the CA. Also, Meralco wrote the DOE to follow up on its previous letter requesting for CSP exemption of certain emergency PSAs that are ready to be implemented to shield its customers against volatile and potentially higher WESM prices.
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