Santa Rosa City Rep. Dan Fernandez, vice chairman of the House Committee on Energy, opposed the renewal of the franchise of Manila Electric Co. because of its failure to provide updates on its weighted average cost of capital (WACC), one of the factors in determining power rates.

Fernandez said that under Republic Act 9209, which granted Meralco's franchise, the utility is required to submit a report on its WACC every four years.

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