Senators Risa Hontiveros and JV Ejercito backed Sen. Sherwin Gatchalian’s proposal to seek a refund of the amount that the NGCP had collected from consumers for unfinished transmission projects. | MRamosINQ /PDI
“If consumers lose their power connection for failure to pay electricity bills on time, why is the NGCP not being penalized for the delays in its services?” he pointed out.
According to Hontiveros, she has been calling on the ERC since the previous Congress to temper NGCP’s “unconscionable greed” for accumulating profits from special tax privileges granted by the government. “So if ERC allowed it, how can it be illegal? If it is wrong or unfair, then, as I said, the solution and remedy is with the ERC, not NGCP,” he said. “They are barking [up] the wrong tree.”Hontiveros said the grid operator had also amassed money from its weighted average cost of capital , which she previously described as “anomalous and exorbitant.”
This, she argued, allowed the firm to prioritize the distribution of dividends among its stockholders instead of spending more for its capital expenditure.
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