The Court of Appeals has granted the temporary restraining order sought by conglomerate San Miguel Corp. which, in effect, will temporarily halt the implementation of its power supply deal with Meralco. | jordeenelagare /PDI
The TRO request stemmed from the ERC’s rejection of the joint SMC-Meralco petition for a rate increase to offset soaring coal and fuel prices as a result of Russia’s invasion of Ukraine.
ERC Chair Monalisa Dimalanta expressed “grave concern on the instantaneous effect” of the temporary suspension of supply deals among the concerned parties. Dimalanta stressed that the fixed price PSAs “have been shielding Meralco consumers for the past several months from the volatility of prices from WESM and automatic fuel pass-through PSAs.”“If these PSAs are immediately suspended, this brings us precisely to the situation which we at the ERC have sought to avoid with our ruling,” she added.
“We have also written the DOE to follow up on our previous letter requesting for CSP exemption of certain emergency PSAs that are ready to be implemented to shield our customers against volatile and potentially higher WESM prices,” said Jose Ronald Valles, first vice president and head of Regulatory Management of Meralco.
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