SMC GLOBAL POWER/PHOTO FROM WEBSITE
MANILA, Philippines — SMC Global Power , a unit of conglomerate San Miguel Corp., on Wednesday expressed regret over the Energy Regulation Commission’s rejection of its petition with Meralco for a temporary power rate hike, saying this could result in higher electricity bills.
In a statement, SMC Global said that had the petition been granted, the temporary relief would have enabled the company to preserve few of the last remaining fixed-rate power supply agreements of Meralco that are responsible for keeping power rates in Metro Manila low amid rising global fuel prices.
Citing Meralco’s computation, which was validated by ERC’s Regulatory Operations Office, it said “the interest of the consumers would have been best served with the approval of the petition.”
SMC Global noted that the ERC -ROO had confirmed it did 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,” SMC Global said.
The company, however, vowed to do everything it could to ensure Meralco’s energy supply would not be disrupted.
It said it would continue to explore other legal remedies to allow the SMC to sustainably provide for the ncreasing power needs of the country while meeting its obligations to various stakeholders.
“Despite the present challenges, we will never withhold our available power capacity to the detriment of the country and the consumers,” SMC Global said.
“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,” the SMC added.