Napocor seeks rate hike to recover P5.89B

National Power Corporation (Napocor) will be asking regulators to approve a power rate hike aimed at recovering a P5.89-billion shortfall in the missionary electrification subsidy, the state-owned firm’s president said.

Napocor President Ma. Gladys Cruz-Sta. Rita said the petition, to be filed before the Energy Regulatory Commission (ERC) today and covering the shortfall incurred in 2014, was based on actual expenses as against actual approved revenues and sales from missionary areas and the Universal Charge for Missonary Electrification (UCME), respectively.