Quoting the appellate court’s ruling, a statement from the ERC read: “[The] writ of injunction will give SMEC the unrestricted power to terminate, at its own will, the power supply agreement to the detriment of public consumers.”The ERC added: “According to the appellate court, ERC’s denial of SMEC’s motion for price adjustment already preserves the status quo—which is the contract price in SMEC and Meralco’s power supply agreement.
A halt order, according to the court, would not have sufficed at this time since “there is a need for an extensive determination of the merits of SMEC’s case,” the regulator said.SMC Global Power Holdings Corp., the parent firm of SMEC, said it would “pursue all available legal remedies in line with our fiduciary duties to our stakeholders.” SMC Global is the power arm of the listed conglomerate.
“We remain confident that our government, through the judiciary, is one with us in promoting an environment where both consumers and industries collaborate in delivering on our country’s energy goals and providing viable and shared solutions to address the ongoing power crisis,” it added. INQ
Source: Energy Industry News (energyindustrynews.net)
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