By Juzel L. Danganan
MANILA, June 8 (PNA) — The Manila Electric Company (Meralco) has been given the go-signal by the Energy Regulatory Commission (ERC) to collect Php908.6 million worth of over/under recoveries from 2003 to 2010.
”Meralco is directed to collect the net under recoveries amounting to Php908,688,699.24 for the period June 2003 to December 2010, starting the next billing cycle until such time the full amount have been collected,” Meralco cited in a disclosure with the Philippine Stock Exchange (PSE) Monday.
It noted it excludes the carrying charge.
The ERC has ordered an under recovery of Php3.39 billion, which will amount to an additional charge of Php0.04 per kilowatthour (kWh), according to Meralco Spokesman Joe Zaldarriaga.
He added the “the add-on will begin this June until the amount covered is fully collected.”
Zaldarriaga said the additional charge will last for more than a year.
The over/under recovery will settle generation charge, transmission charge, system loss charges and lifeline subsidies that Meralco had paid before.
The ERC ordered Meralco to comply the over/under recovery in monthly computations of the generation charge, transmission charge, system loss charges and lifeline subsidies.
It added the distribution utility will have to submit a monthly report for the recoveries until it has been fully recovered. (PNA)