Group slams SMCGP's threats to cut deal with Meralco

THE Power for People Coalition slammed SMC Global Power Holdings Corp.'s (SMCGP) threats to terminate its power supply deals with Manila Electric Co. (Meralco) which will lead to higher electricity rates in October unless its rate hike petition is granted.

SMCGP filed to increase the rates they charge on electricity in view of the P15 billion in losses incurred by the latter in the operations of its 1,200-megawatt Sual plant and the 1,200-megawatt Ilijan power plant amid the restrictions on supply from Malampaya and the high cost of gas in the world market.