PEMC slaps P234-M penalty on Therma

The Philippine Electricity Market Corp. (PEMC) has slapped a P234.9 million fine against Therma Mobile Inc., a subsidiary of Aboitiz Power Corp., charging that Therma failed to deliver supply pledged to Manila Electric Co. in the last two months of 2013.

Therma operates the power barges in Navotas. Meralco complained that power generators withheld supply which had led to the spike in prices on the wholesale market, which in turn led Meralco to charge the controversial high rates for January to February 2014.