Meralco has indicated its intention to submit a petition for the refund of P19 billion, which pertains to overrecoveries recorded from July 2022 to December 2024.
The Energy Regulatory Commission previously mandated Meralco to seek a refund for the period during which there was no adjustment to its actual weighted average tariff (AWAT).
Larry Fernandez, Meralco’s Head of Utility Economics, stated that the company has already disseminated information regarding the AWAT refund through various newspapers, and the subsequent step will be to file the petition with the ERC in the near future.
Fernandez noted that Meralco aims to execute the refund over a three-year period, which will be reflected in the bills of its customers.
On average, all customer categories will receive a refund of P0.11 per kilowatt-hour (kWh) over the three years, while residential customers will specifically benefit from a refund of P0.19 per kWh.
ERC Chairperson Monalisa Dimalanta mentioned that the commission has not yet received the petition. However, she indicated that the ERC has a timeframe of 75 days to grant provisional approval from the date the petition is filed.
Dimalanta also pointed out that the P19 billion estimate may be subject to modification if the commission decides to adjust the amount following a thorough review by its experts. Nonetheless, she clarified that the commission is unlikely to utilize the full 75-day period and will likely issue provisional authority sooner. (ZIA LUNA)
