The People for Power coalition raised alarm over what it said was the rush to renew the franchise of the country’s biggest power retailer Manila Electric Co. , which would expire in 2028, but is already being pushed for renewal now.
“Giving them a decades-long franchise now will remove the ability of the government to hold them to account and protect consumers,” he added. “Their franchise is still good for a few more years, they’re earning a lot of money, they can wait until consumers have their say,” he said. “As a highly-regulated entity, Meralco has always been strictly compliant of the laws and regulations governing its franchise,” Zaldarriaga added.
Among the various issues raised against the Meralco franchise renewal during a hearing of the House legislative franchise committee were its continuing use of 14.97 percent as its weighted average cost of capital , which has been used as the ceiling for its profit margin since 2011.
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