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Wednesday, September 15, 2010

Stock News 2010: ERC Dismisses Customer’s Petition Seeking New P39-B Meralco Refund

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The Energy Regulatory Commission has denied for lack of merit a consumer’s petition for Manila Electric Company (Meralco) to refund P39 billion in alleged overcharges from 2004 to 2007.

The petition was filed by Genaro Lualhati seeking a refund for residential customers of Meralco and the replacement of the current rates to P0.9077 per kilowatthour.

Lualhati claimed that Meralco overpriced its residential customers because the approved distribution price for 2006 is only P1.083 per kWh compared to the P2.063 per kWh uniform price charged by Meralco.

He said Meralco is making small residential consumers subsidize the power rates of big industrial and commercial users and added that Meralco charged its non-residential customers a rate of only P0.3929 per kWh.

Lualhati alleged that the P0.9077 per kWh should be the highest rate to be charged to any customer class and the current price of P2.0683 per kWh is both "overpriced and discriminatory.”


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