MANILA, Philippines — Razon-led MORE Electric and Power Corp. is seeking to collect over P115 million from its customers through an automatic cost adjustment that could last up to three years.
The Iloilo City power distributor has asked the Energy Regulatory Commission (ERC) to approve its implementation of a true-up mechanism covering its under recoveries and excess revenues from January 2021 to December 2023.
MORE Power calculated a total under recovery of P152.23 million in generation, transmission, real property tax, senior discount and subsidy costs.
However, this was reduced to about P115.4 million due to over recoveries from the system loss rate, lifeline charge and subsidy rate (LSR) and franchise tax amounting to P36.82 million.
Under the proposed scheme, such amounts to be recovered and refunded will be distributed over a 36-month period, except for the senior citizen charge and LSR that will be distributed in three and 12 months, respectively.