House energy panel vice chair lists grounds to reject Meralco franchise renewal

A House leader has listed what he said were grounds to reject the renewal of Manila Electric Company’s franchise, including the utility’s failure to provide updates on its weighted average cost of capital , which is a key factor that determines power rates.

“Basically, the problem we have seen is there’s a collusion between ERC and Meralco during the time of ERC chair Agnes Devanadera,” Fernandez said. “On the part of ERC, that should have been adopted to lower the cost of electricity,” Fernandez said. “Not to use the methodology to raise rates.”

Source: Energy Industry News (energyindustrynews.net)

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