Power rates set to soar

MANILA, Philippines – Power rates are expected to soar as the impact of averting blackouts and the rate adjustment mechanisms of the National Power Corp. (Napocor) are reflected in electric bills, the government said yesterday.

Francis Saturnino Juan, Energy Regulatory Commission (ERC) executive director, said the impact of running the diesel-fired power plants at the height of the blackouts will be reflected in electric bills next month.

This developed as the Commission on Audit (COA) said Manila Electric Co. (Meralco)’s unbundled rate petition showed a number of items amounting to about P7.2 billion should have been excluded from the computation.

Based on the result of the COA audit, the items that should have been excluded were certain pieces of property and equipment amounting to P3.7 billion and P3.5 billion for calendar years 2004 and 2007, respectively.

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