The ERC vouched that its P1.127 billion budget for 2023 has been the highest it ever secured since its establishment in 2001 after the restructuring of the country’s power sector.
A record-high 2023 budget has been accorded to the Energy Regulatory Commission to enable the regulatory body to strengthen its mandate to implement a “rate reset” or rate adjustment of regulated power utilities, primarily the National Grid Corporation of the Philippines , as well as the private distribution utilities , and electric cooperatives.
Due to scant budget, the ERC, for years, agonized over lack of manpower that could support it in carrying out tasks vested upon it as regulator of an industry commanding billions of dollars of investments. Under this administration, ERC Chairperson Monalisa C. Dimalanta had given word that the updating of NGCP charges will likely be completed by early next year and it is hoped that this will result in lower electricity rates for Filipino consumers.
“The reset activities will allow ERC to revisit the authorized rates of the NGCP and distribution utilities/electric cooperatives to ensure that what is being passed on to the consumers are reasonable costs of doing electricity business,” the Commission emphasized.
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