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PSALM expects P100 billion from CBK privatization
The Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to generate as much as P100 billon from the privatization of the 796.46-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, bolstering the cash position of the cash-strapped state firm......»»
First Gen to upgrade, expand Casecnan plant
Lopez-led First Gen Corp. is expanding and upgrading the Casecnan hydroelectric power plant after taking over the facility last month......»»
AMID CA ‘OVERREACH’ ERC ready for battle
The Energy Regulatory Commission is ready to contest before the Supreme Court the decision of the Court of Appeals voiding the regulator’s rejection of the rate increase petitions of two San Miguel Corporation power generation firms. Legal pundits said the CA usurped the ERC’s authority in its ruling setting aside the regulator’s late 2022 decisions to dismiss the petitions of South Premiere Power Corp. and San Miguel Energy Corp. to increase prices. Others called the CA decision an “overreach.” The two San Miguel subsidiaries cited a “change in circumstances” for turning their backs on their fixed-priced contracts with Manila Electric Company. San Miguel disclosed on Wednesday to the Philippine Stock Exchange the favorable decision it had received from the CA’s 13th Division composed of Associate Justice Victoria Isabel Paredes, as chairperson; and Associate Justices Mary Charlene Hernandez-Azura and Florencio Mamauag Jr., as members. Speaking to reporters on Thursday, ERC chairperson lawyer Monalisa Dimalanta clarified that the CA’s decision was not yet final since, under the Electric Power Industry Reform Act, only the Supreme Court can issue a permanent injunction on rate hikes. “There is no computation yet of the rate hikes. The decision is not yet final, and we will still file a motion for reconsideration. If granted, that’s another discussion. If denied, we will go all the way to the Supreme Court. I have not yet foreseen any rate impact,” Dimalanta said. Dimalanta added that the ERC, through the Office of the Solicitor General, will need to confirm if the CA is legally allowed to issue a final decision on rate hikes. “The CA can review any factual matter related to any rate hike petition, but we still want to clarify if the CA can decide with finality because it will change everything in the (power) industry. Under the EPIRA, only the SC can issue a permanent injunction,” Dimalanta explained. Unfortunate ruling According to Dimalanta, the CA’s decision was “unfortunate and disconcerting,” but the ERC will continue to uphold the law to “protect consumers.” “The ERC hopes the CA will revisit the records of the case as well as the arguments of the parties and uphold the commission’s ruling,” the ERC chief said. Consumers will not yet feel any adverse impact from the CA’s reversal of the ERC’s rejection of the temporary rate hike petitions, Dimalanta added. However, for San Miguel Global Power or SMGP, the holding firm for SMC’s power ventures, the CA’s decision “upholds the constitutional mandate of due process that guarantees the right to be treated fairly and effectively by quasi-judicial bodies like the ERC.” “It is regrettable that the ERC’s unfair decision early on to reject our joint petition with Meralco for a temporary rate hike — despite proving to be the least cost option at the time for power consumers — resulted in consumers shouldering the burden of much higher electricity rates,” SMGP said in a separate statement on Thursday. Nonetheless, the company said it still looks to “forge even stronger partnerships with the government, consumers, and other key stakeholders to help shape a more resilient and sustainable energy landscape for all.” Meanwhile, Meralco Head of Regulatory Management Jose Ronald Valles said the company will reach out to the CA to clarify some matters regarding the decision. “There are some matters in the decision that we feel need to be clarified. We are consulting with our lawyers on the legal remedies available to us, including an appeal to the Supreme Court,” Valles said. The 13th Division of the CA reversed the order of the ERC that rejected the temporary power rate hike petition filed by San Miguel Energy Corp. or SMEC and South Premiere Power Corp. or SPPC and Meralco. The CA decision granted the consolidated petitions for certiorari filed by SMEC and SPPC. It also favored the joint motion of SPPC and SMEC for a price adjustment with provisional authority and/or interim relief in ERC Case No. 2019-081 and ERC Case No. 2019-083. Likewise, the appellate court made permanent the preliminary injunction issued in favor of SPPC. The rate hike petition stemmed from SMGP’s report that its Sual Coal and Ilijan Natural Gas power facilities logged combined losses of P15 billion from 2021 to date due to high prices. As such, it sought temporary and partial cost recovery relief only for the losses it incurred from January to May, through a power rate increase on its contract capacity under the power supply agreement with Meralco to be amortized for six months. CA gets flak Consumer group Power for People Coalition criticized the CA magistrates for favoring the Ramon Ang-led San Miguel Corporation. “The Court of Appeals is supposed to uphold the interests of justice and the people, but it failed to do both in its decision granting SMC’s petitions in its cases before the ERC,” Gerry Arances, convener of the Power for People Coalition, said in a statement on Thursday. In its PSE disclosure, SMC said the CA annulled and set aside the ERC order dated 29 September 2022 in ERC Cases 2019-081 and 2019-083 due to a “grave abuse of discretion amounting to lack or excess of jurisdiction.” The CA’s joint decision dated 27 June 2023, received by SMC through the Poblador Bautista Reyes Law Offices, granted the consolidated petitions for certiorari filed by SMEC and SPPC. Arances said the CA effectively released SMC from any consequences of breaking a contract “simply because it is not earning enough from a commitment it has made voluntarily.” “We hope that the court will reevaluate, and we will file a motion for reconsideration to give the justices another chance to live up to their name,” Arances said. It can be recalled that the two power companies, along with Meralco, appealed for a temporary rate hike under their 2019 power supply agreement to help them recover from the unprecedented hike in coal prices. The CA denied the petition of SMEC for a temporary restraining order, but it allowed a TRO and later a writ of preliminary injunction or WPI on the ERC decision to deny an increase in SPPC’s power supply agreement or PSA with Meralco. The CA then consolidated the two rate increase cases under the division that granted the WPI. In its report to the bourse, SMC bared that the CA also favored the SPPC and SMEC’s joint motion for price adjustments without prejudice to any further requests for price adjustments. The further request for adjustments would be for June 2022 onwards for SPPC, from June 2022 to 25 January 2023 or the date of writ of preliminary injunction; and for SMEC, from June 2022 to the date of the finality of the joint decision. The post AMID CA ‘OVERREACH’ ERC ready for battle appeared first on Daily Tribune......»»
DMCI unit to put up wind power plant in Semirara
The Consunji Group’s DMCI Power Corp. plans to put up a wind power plant on Semirara Island in Antique, home of the biggest coal reserve in the Philippines......»»
Legarda backs IPOPHL move to boost, safeguard local geographical indications
As defined by the Intellectual Property Office of the Philippines, geographical indications are any indication that identifies a good as originating in a territory, region or locality, where a given quality, reputation or other characteristics of the good is essentially attributable to its geographical origin and/or human factors. The identified potential GIs in the country include the Cordillera heirloom rice, Guimaras mangoes, Benguet cacao, Batangas kapeng barako, Davao pummelo and the Bagtason loom weave of Antique, among other local products. Senate President Pro Tempore Loren Legarda, who is from Antique, lauded the move by the IPOPHL to reinforce rules and regulations safeguarding GIs in the country, which can potentially give Filipino-made products a significant advantage toward economic and social development through responsible use of the intellectual property system. "These new regulations issued by the Intellectual Property Office are a welcome development. While it cannot be expected to resolve past controversies or halt attempts at cultural appropriation, it is a very good step toward this end," Legarda said. "An indication of origin does a great deal more than increase market awareness and ensure sales," according to Legarda. "People developing GIs are demonstrating nature-based solutions, and we must pay attention as they do. When people enhance their local products, like native plants and animals grown there, they enhance the capacity of their communities to address problems within their specific context." The four-term senator also emphasized the importance of ensuring the integration of efforts with those of the government and other communities that will inspire further developments and an upswing of collective pride that benefits traditional and indigenous Filipino products. In 2019, Legarda authored and enacted the Innovation Act, which requires the government to put innovation at the center of its development policies considering regional and global economic opportunities. "Opportunity is a great motivator. And I have no doubt that take together, along with the ingenuity of the Filipino, will usher in a new era of production that takes into consideration our awesome natural gifts and biodiversity," she said. Last May 22, Legarda was the keynote speaker at the 2023 National Geographical Indications Forum. The discussions, according to her, are timely given the country has "done too little for too long" in protecting GIs. In partnership with the IPOPHL and the Design Center of the Philippines, Legarda's office also set up an exhibit at the Senate on the potential geographical indications in the Philippines that runs from 24 to 25 May 2023, featuring distinct and indigenous products from all over the country. The post Legarda backs IPOPHL move to boost, safeguard local geographical indications appeared first on Daily Tribune......»»
Sam Bankman-Fried sentenced to 25 years in prison for power-obsessed scamming
Manhattan Judge Sentences Sam Bankman-Fried to 25 Years in $8 Billion Scam In a shocking turn of events, Manhattan judge has sentenced Sam Bankman-Fried to.....»»
Baltimore bridge accident: Freighter pilot called for tugboat help before plowing into bridge
BALTIMORE — The pilot of the cargo freighter had radioed for tugboat help and reported a power loss minutes before the Baltimore bridge accident, federal safety officials said on Wednesday, citing audio from the ship’s “black box” data recorder. The head of the National Transportation Safety Board also said that Francis Scott Key Bridge, a.....»»
Squirrel involved in power outage provided shelter and care by More Power
Squirrel involved in power outage provided shelter and care by More Power.....»»
Mayor Uy posts cryptic messages amid Igacos power problems
ISLAND Garden City of Samal (Igacos) Mayor Al David Uy posted cryptic messages regarding the power crisis in Igacos......»»
Power fluctuations hit NAIA
Passengers sweltered as power fluctuations hit the Ninoy Aquino International Airport Terminal 2 at around 10 a.m. yesterday......»»
India backs Philippines in dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
India backs Philippines in sea dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
Aboitiz Power Corporation to hold Annual Stockholders Meeting
Notice is hereby given that the Annual Meeting of the Stockholders of ABOITIZ POWER CORPORATION (the "Company") will be held on April 22, 2024, Monday at 9:30 a.m. (the "2024 ASM")......»»
Fetus found in condo’s sewage treatment plant
A fetus was found dumped in the sewage treatment plant of a high-end condominium complex in Quezon City on Tuesday......»»
Cargo ship lost power and issued mayday before hitting Baltimore s bridge, governor says
Cargo ship lost power and issued mayday before hitting Baltimore s bridge, governor says.....»»
Marcos admin eyes building 20 new dams by 2028
To meet the country’s growing demand for water and power, the government is eyeing to build 20 medium and three to five large dams by 2028, the end of President Marcos’ term, according to National Irrigation Administration head Eduardo Guillen......»»
Niña Jose nag-sorry, maraming natutunan matapos mag-viral
MARAMING natutunan ang dating “Pinoy Big Brother” housemate at alkalde ng Bayambang, Pangasinan na si Niña Jose matapos siyang mag-trending sa social media kamakailan. “The power of social media is so scary, we have to be truly careful sa mga binibitiwan nating salita,” ito ang natutunan niya tungkol sa viral video na kumalat tungkol sa.....»»
Aboitiz Power Corporation: Notice of Annual Meeting of Stockholders
Notice is hereby given that the Annual Meeting of the Stockholders of ABOITIZ POWER CORPORATION (the "Company") will be held on April 22, 2024, Monday at 9:30 a.m. (the "2024 ASM")......»»
Phl booters eye revenge vs Iraqis
After a close loss to Iraq in Basra, embattled Philippines aims to see its upset plans through on familiar grounds when it faces the Asian power again tonight in the FIFA World Cup Qualifiers at the Rizal Memorial Stadium......»»
Training on COA compliance for government institutions
To guide government institutions on their compliance with the Commission on Audit Circular 2020-006, the Center for Global Best Practices will be launching a two-session online training titled “COA Guidelines and Procedures for One-Time Cleansing of Property, Plant and Equipment Account Balances” on April 18 and 19, 2024 from 1:30 to 4:45 p.m. via Zoom......»»