ERC stops Meralco rate hike
abs-cbnNEWS.com | 10/27/2008 2:57 PM
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The Energy Regulatory Commission on Monday suspended a proposed rate hike by the Manila Electric Company scheduled next month.
ERC Executive Director Francis Juan said the commission suspended the P0.3145 per kilowatt hour Meralco rate hike after consumer group National Association of Electricity Consumers for Reforms filed a petition questioning the rate hike.
"We can stop the rate hike until the motion for reconsideration is decided on," Juan told radio dzMM.
Last week, the ERC granted Meralco's request made two years ago to raise power rates by more than 30 percent. The ERC decision will be effective starting November.
In the same ruling, the ERC likewise ordered the Meralco to return some P3.9 billion to consumers who were overcharged under the company's Currency Exchange Rate Adjustment (CERA) or a P0.1461 per kilowatt hour refund for its customers, also starting November.
The ERC decision was met with much criticism from both business and civil society groups.
