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Wednesday, December 7, 2022

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SMC Global Power Issues Statement on ERC Ruling

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We regret the Energy Regulatory Commission’s (ERC) denial of our joint petition with Meralco for temporary relief on our 2019 power supply agreements (PSAs), not so much for our own interest but more for the consumers. 

The temporary relief would have enabled us to preserve few of the last remaining fixed-rate PSAs of Meralco that are responsible for keeping power rates in Metro Manila low compared to other parts of the country, amid surging global fuel prices. 

Based on Meralco’s own computation, which was validated by ERC’s Regulatory Operations Office, the interest of the consumers would have been best served with the approval of the petition. 

The ERC-ROS itself confirmed that the commission does not have any other data or information that could contradict or disprove the computations and simulations submitted by Meralco. 

We believe these numbers speak for themselves. 

The ERC, armed with such data, knows too well that denying the petition will not only cripple us, but more importantly, burden consumers who will have to face higher electricity bills. 

In the meantime, we will do everything we can to make sure Meralco’s energy supply is not disrupted. Despite the present challenges, we will never withhold our available power capacity to the detriment of the country and the consumers. 

However, given the circumstances, we will continue to explore other legal remedies to allow us to sustainably provide for the increasing power needs of our country while meeting our obligations to our various stakeholders. 

Moving forward, SMC Global Power remains focused on maximizing its existing power assets to help sustain our economy’s recovery, while investing in technologies that will facilitate our transition to cleaner energy. 

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