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The Energy Regulatory Commission has approved the unbundling of
rates of the distribution utility servicing the Subic Bay Freeport
Zone’s electricity needs.
In a decision, the ERC approved the application
filed by Subic Enerzone Corp. (SEZ), a wholly owned company of the
Aboitiz Group of Cebu, to have its rates at the freeport unbundled
or itemized into its specific components.
In light of SEZ’s newly approved unbundled
rates, the ERC approved a total revenue requirement of about P159.85
million in setting the company’s electricity rates.
The ERC-approved revenue requirement will
redound to an average rate adjustment of P0.3672 per kilowatthour
for its customers from the current rate of P0.5975 per kilowatthour.
The Subic freeport’s new rates will be implemented on October 26,
2008.
The revenue requirement, however, is lower than
P166.80-million SEZ originally sought based on its 2004 audited
financial statement, which was used as its test year in breaking
down its rates. The ERC also directed SEZ to gradually remove
inter-class cross subsidies being meted on its customers, as part of
the requirement in unbundling rates, in the next three years.
The company pays SBMA P40-million annually for
the lease of power facilities and other properties.
-- Euan Paulo C. Añonuevo
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