PSALM collects P8.21B in universal charges

The Power Sector Assets and Liabilities Management Corp. (PSALM) has collected a total of P8.21 billion worth of universal charges from electricity consumers as of end-February 2008.

The collection of universal charge by PSALM is pursuant to Section 34 of the Electric Power Industry Reform Act (EPIRA). PSALM is an entity created under EPIRA to handle the privatization and finances of the National Power Corp. (Napocor).

Of the total amount, PSALM dirbursed P7.93 billion from the Special Trust Fund for environmental charge of Napocor and missionary electrification of the Napocor-Small Power Utilities Group (SPUG).

PSALM said that as of the period under review, the UC fund has a balance of P275 million.

Based on the status of UC collections, remittances and disbursements data of PSALM of as February 2008, there are several distribution utilities (DUs) which do not regularly remit UC to PSALM.

With this, PSALM imposed interest charges on collecting entities (CEs) with late remittances.

To date, PSALM said it had sent letters to 37 CEs requiring, among others, the submission of monthly UC collection and audit reports to serve as basis for setting due date when remittance of UC should be made.

PSALM also submitted the list of deficient CEs to the Energy Regulatory Commission (ERC) pursuant to the UC guidelines, which led the ERC to issue show-cause orders to the said deficient CEs.

In 2007, some 14 delinguent CEs were audited with regard to their 2006 remittance of UC to PSALM.

With the decision of the ERC in February 2006, the ERC authorized the annual release of P1.34 billion to Napocor-SPUG’s missionary electrification from the UC-ME fund for the years 2005 to 2008.

For 2008, the government has already disbursed some P290 million.