MANILA, Philippines 鈥� The rate reset for the National Grid Corporation of the Philippines (NGCP), or the determination of how much they can charge customers for electric services, may be finalized by March 2025, the Energy Regulatory Commission (ERC) said on Monday.
ERC Chairperson Monalisa Dimalanta during the hearing of the House of Representatives鈥� committee on good government and public accountability was asked by Santa Rosa City Rep. Dan Fernandez as to when the rate reset would happen and if meetings have been done already鈥攍ike she previously promised.
Dimalanta, during the hearing of the House committee on legislative franchises last January 23, said that a meeting would be held the following week for the final evaluations of the rate reset.
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鈥淲ith the NGCP, you have promised that you will convene [鈥 you have promised to us that next week you will meet. So what has happened?鈥� Fernandez asked.
鈥淟ike what we previously shared, the commission en banc has sat down to start the deliberation. So we started it, and the first thing we tackled are the comments from the stakeholders, coming from the publication or posting of the draft,鈥� Dimalanta replied.
The ERC chief however clarified that the process has not been finished, as there are comments from stakeholders that the regulatory body has to consider first before coming out with a final report on the NGCP rate reset.
Previously, ERC said that the new rates would be released by January 2025.
鈥淏ut we have not finished yet Mr. Chair because there are so many comments coming from stakeholders so we will sit down again next week, and hopefully, we finish within February so that by March, we can release the actual decision, release it by the first quarter,鈥� Dimalanta noted.
The rate reset of the NGCP has been a hot topic over the two committees conducting hearings, as Fernandez believes there were items that should not be considered in the final draft.
Under a rate reset, regulated entities like NGCP are required to submit their spending, proposed projects, and earnings over a specific period, which will allow regulatory bodies like the ERC to determine how much of expected expenditures can be passed on to consumers.
Fernandez claimed during the January 23 hearing of the House committee on legislative franchises that the rate reset could drive electric prices higher, as more NGCP investments and expenditures might be factored in.
However, before Fernandez was able to field his questions, Cagayan de Oro City Rep. Rufus Rodriguez raised a point of order, stating that discussions during the hearing should not be based on drafts.
NGCP has come under scrutiny in the House, with key members like Albay Rep. Joey Salceda warning Maharlika Investment Fund managers against investing in the company
According to Salceda, NGCP owed power consumers P200 billion in expenses that were disallowed in 2023.
Last January 13, House Speaker Ferdinand Martin Romualdez listed the probe on NGCP issues as among the investigations that will continue as Congress resumes its session.