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By Euan Paulo C. Añonuevo, Reporter
THE Energy Regulatory Commission (ERC)
reaffirmed its decision clearing state-run Power Sector Assets and
Liabilities Management Corp. (Psalm) of charges of manipulating
prices at the spot market for electricity.
Rodolfo B. Albano Jr., ERC chairman, told
reporters that the regulator found no sufficient proof to establish
a prima facie case against Psalm for rigging prices on the Wholesale
Electricity Spot Market’s (WESM) third and fourth billing periods
in 2006.
An earlier decision had already cleared Psalm of
the allegations but the spot market operator, the Philippine
Electricity Market Corp. (PEMC), subsequently filed a motion for
reconsideration late last year.
The ERC’s order likewise reaffirmed its
authority to “monitor and penalize any market abuse and to stop
and redress the same” as mandated by the Electric Power Industry
Reform Act (Epira) of 2001.
“Nowhere in the Epira and its implementing
rules and regulations is it provided that the PEMC board has the
power to adjust the settlement prices in the WESM,” Albano said.
He said the ERC has ordered the spot market’s
operator to adjust prices on the questioned periods to state-owned
National Power Corp.’s (Napocor) time-of-use rates, which are much
lower than the market settlement prices.
In light of this, Psalm will not be allowed to
recover P9 billion in costs it supposedly incurred, which would have
been recouped from consumers, after PEMC adjusted the questioned
month’s prices.
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