Meralco bares P13.9-b refund to customers in 24 months

Manila Electric Co. said Wednesday it sought the approval of the Energy Regulatory Commission to refund customers P13.88 billion, equivalent to P0.1528 per kilowatt-hour, over a 24-month period reflecting the calculation of the actual weighted average tariff compared to the previously approved average rate in 2015......»»

Category: financeSource: thestandard thestandardJan 13th, 2021

Meralco heeds Go’s call

Utility firm Meralco is sending out new explanation on its electricity billing during the enhanced community quarantine period and assured overcharged customers of immediate refund in response to the call of Senator Christopher Lawrence “Bong” Go to address complaints on high electricity bills. Answering a query of Go on Meralco’s basis for calculating three months […] The post Meralco heeds Go’s call appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJul 7th, 2020

ERC orders Meralco to refund P1.4 billion over collection

The Energy Regulatory Commission has ordered Manila Electric Co. to refund customers of over collections of P1.4 billion in pass through charges and collect under recoveries of P2.38 billion in generation rate......»»

Category: financeSource:  philstarRelated NewsDec 31st, 2020

Meralco rates lower by P0.0623/kwh in Sept. billing

Consumers of Manila Electric Company (Meralco) will benefit from a slight reduction of P0.0623 per kilowatt hour (kwh) in this September billing — summing up five straight months of tariff downtrends for this year. (MANILA BULLETIN) For end-users in the consumption threshold of 200 kilowatt hours (kwh), the average cost savings they will gain in this billing period will be P12, according to the utility firm. The overall rate billed this month is at P8.4288 per kwh versus the previous month’s P8.4911 per kwh. The generation charge, which accounts for the chunk of the cost components being passed on, had been pared by P0.0381 per kwh this month to P4.0860 per kwh from the previous billing cycle’s P4.1241 per kwh. Additionally, the transmission charge was on marginal decline of P0.0112 per kwh and that was mainly attributed to the lower ancillary services (AS) charges of the National Grid Corporation of the Philippines; while taxes and other charges incurred a net decrease of P0.0130 per kwh. Meralco emphasized one key factor that triggered rate reduction this September is its continuing move to invoke force majeure (FM) claims with its power suppliers. “This September, the force majeure claim totaled about P463 million, equivalent to customer savings of P0.1710 per kwh in the generation charge,” the utility firm noted. The company explained that if the FM claims had not been there, “the generation charge and the total rate would have increased by P0.13 and P0.14 per kwh, respectively.” Since March this year when Meralco has been persistently invoking FM claims under its power supply deals, the company was already able to generate P2.4 billion worth of savings that it has been passing on as rate reduction to customers via their electric bills. On supply procurement, Meralco indicated that it secured the lion’s share of 54.8-percent from its power supply agreements (PSAs) and that resulted in a decrease of P0.3032 per kwh on its charges. The fraction of supply sourced from its contracted independent power producers (IPPs) had been at 33.6-percent; and this went up by P0.0601 per kwh; while volume procured from the Wholesale Electricity Spot Market (WESM) stood at 11.6-percent and charges had been down by P0.0147 per kwh.The lower settlement prices in the spot market, it was noted, had been due to decrease in Luzon demand — given the re-enforcement of modified enhanced community quarantine (MECQ) in some areas last month, primarily in Metro Manila and neighboring provinces......»»

Category: newsSource: NewsSep 9th, 2020

‘Token penalty’ should not revive billing dispute

  THE problem of disputed billings of the Manila Electric Co. (Meralco) came up last May when customers, under lockdown since March, received their bills for the previous months. The Energy Regulatory Commission (ERC) had issued a directive that distribution services like Meralco may use the rule on estimated billing with the word “estimate” written […].....»»

Category: newsSource:  tempoRelated NewsSep 3rd, 2020

Welcome news in these difficult times

  THERE was good news for the millions of customers of the Manila Electric Co. (Meralco) this July. It announced that its customers would be paying P1.06 per kilowatt hour less for the first six months of 2020 than what they used to pay for the first six months of the previous year 2019. From […].....»»

Category: newsSource:  tempoRelated NewsAug 4th, 2020

Meralco rate seen flat in August billing

The customers of Manila Electric Company (Meralco) can rest easy in this month’s billing cycle as the utility firm is anticipating that its all-inclusive pass-on rate will be flattish or there could even be a slight reduction depending on the final billing of its power suppliers. “The overall rate movement looks to be flattish due to improved power situation for the July supply month,” Meralco Spokesman Joe Zaldarriaga has noted. The other factors that could potentially pull down electricity tariffs this month would be the strengthening value of the Philippine peso versus the US dollar; as well as the quarterly repricing of Malampaya natural gas prices. Meralco procures significant portfolio of its supply from power plants fueled by gas from the Malampaya field – hence, the quarterly reckoning of the gas price could have a softening impact on its pass-on cost to the consumers. Zaldarriaga qualified “there is a possibility for a minimal decrease in overall power rates and generation charge because of these factors.” On the supply situation, the Meralco executive noted “there were no yellow alerts in July; and power supply was more stable compared to June – with lower demand in the grid as well.” He indicated that the steady state of power supply in Luzon last month “may contribute to lower WESM (Wholesale Electricity Spot Market) prices and a decrease in generation charge.” And if the impact of the quarterly repricing of the Malampaya gas will be factored in, plus the reinforced value of the local currency, such elements could contribute to the overall lowering of the generation charge for the August billing. The generation charge accounts for roughly 55 to 60-percent of the overall pass-on cost in the electric bills, hence, a downtrend in that cost component could be substantially felt by consumers. Meralco’s electricity rates had been on declining drift in the past months –and this was precipitated by lower generation charge due to slowdown in demand; in addition to the company’s efforts on invoking force majeure claims with its supplier-companies; that in turn had resulted in lower rates for its customers.This year’s plague of the coronavirus pandemic had shifted consumption upswing on to residential end-users; hence, the rate reductions in the past months had been a valuable help in managing power budgets......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

ERC chief tells Meralco, power utilities to refund customers

Distribution utilities and electric cooperatives that violated billing rules during the lockdown will be asked to refund the overcharged amount to consumers, according to the Energy Regulatory Commission......»»

Category: newsSource:  philstarRelated NewsJul 7th, 2020

Meralco apologizes for bill shock

The Manila Electric Co. has apologized for the so-called “bill shock” as it assured customers that the P47 convenience fee for online payments will be waived, aside from a swift refund for any overcharging......»»

Category: newsSource:  philstarRelated NewsJul 6th, 2020

Meralco sets installment payment for March-June bills

Customers of Manila Electric Co. can expect higher electricity bills this month as it will include actual consumption for the four months of the quarantine period. However, an installment payment scheme would be offered to help ease the consumers’ burdens......»»

Category: newsSource:  philstarRelated NewsJun 6th, 2020

Meralco assures customers of refund on ‘excessive’ charges

The Manila Electric Co. yesterday assured the House of Representatives that consumers allegedly billed triple the average amount of their monthly consumption could avail themselves of refund if payments are found to be excessive......»»

Category: newsSource:  philstarRelated NewsMay 28th, 2020

Meralco customers to get refund

Manila Electric Co. will refund consumers with P1.2 billion in over-recovery and over-collection of universal charges in the March billing as ordered by the Energy Regulatory Commission ......»»

Category: newsSource:  philstarRelated NewsMar 7th, 2020

Meralco to refund customers this month

Customers of Manila Electric Co. (Meralco) will receive a refund of 7.31 centavos per kilowatt-hour (kwh) this month – representing regulatory reset cost – in compliance with a directive from the Energy Regulatory Commission (ERC)......»»

Category: newsSource:  philstarRelated NewsJul 6th, 2019

3rd party to review Meralco refunds

The Energy Regulatory Commission has tapped a third party to conduct a review on the refunds to be made by Manila Electric Co. to its customers......»»

Category: newsSource:  philstarRelated NewsJan 10th, 2021

Meralco hikes rates, will resume disconnections

Customers of Manila Electric Co. will see higher electricity bills at the start of the year, reflecting an increase in generation charge......»»

Category: newsSource:  philstarRelated NewsJan 9th, 2021

Meralco bills to go up in January

After back-to-back months of reductions, higher power bills will welcome consumers and businesses in areas serviced by Manila Electric Co. in January......»»

Category: financeSource:  philstarRelated NewsJan 8th, 2021

ERC orders Meralco to collect P2.38b from consumers over next 24 months

The Energy Regulatory Commission said Tuesday it ordered retailer Manila Electric Co. to recover P2.38 billion from consumers for under-recoveries in generation rates......»»

Category: financeSource:  thestandardRelated NewsDec 29th, 2020

Meralco lauded for extending no disconnection policy

The Manila Electric Co. was commended by a leader of the House of Representatives yesterday for extending until January 2021 its no-disconnection policy to millions of its customers......»»

Category: newsSource:  philstarRelated NewsDec 21st, 2020

Meralco extends payment deadline

Power retailer Manila Electric Co. said over the weekend customers received a one-month disconnection reprieve as it extended the no-disconnection policy for non-payment of bills from Dec. 31, 2020 to Jan. 31, 2021......»»

Category: sportsSource:  abscbnRelated NewsDec 21st, 2020

194K Meralco customers still without power

Power restoration efforts of Meralco linemen along McArthur Highway corner North Luzon Expressway Segment 10 in Karuhatan, Valenzuela. Meralco eyes to bring back electricity in its franchise areas by Sunday (Nov. 15, 2020). (Photo courtesy of Meralco) MANILA – Some 194,426 customers still do not have access to power in franchise areas of Manila Electric Co. […].....»»

Category: newsSource:  balitaRelated NewsNov 15th, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource: NewsNov 12th, 2020