ILOILO CITY–Almost a year after being ousted as the power distribution firm in the city of Iloilo that culminated in their resounding defeat in the expropriation case filed against them by new electric power distributor MORE Electric and Power Corporation, it appears the end to the series of misfortunes that have befallen Panay Electric Company (PECO) of late is not yet on the horizon.
Only recently, the Energy Regulatory Commission (ERC) lowered the boom on the century-old power firm owned by the Cachos by ordering PECO to refund to Ilonggo consumers some P527.7 million in over-recoveries from January 2012 to December 2014.
Based on the ERC decision, the more than half a billion pesos over-recoveries that it ordered PECO to refund is comprised of a) P358,441,371.36 in Generation Rate, b) P162,939,228.50 in Systems Loss Rate, c) 6,152,699.94 in Lifeline Subsidy, d) 149,892.43 in Inter-Class Cross Subsidy, and e) 112,690.64 in Transmission Rate.
The ERC mandate not only orders PECO to refund these over-recoveries but also to submit a sworn statement complying with the said order within 10 days after receipt of the decision.
Only recently, MORE Power scored a telling victory against PECO when Regional Trial Court Branch 39 presiding judge Victorino O. Maniba, Jr. thrashed the Motion for Suspension of Proceedings earlier filed by the former utility firm for lack of merit, paving the way for the long-due implementation of an earlier Supplemental Writ of Possession of “Category C Assets” previously owned by PECO. These include several prime properties in the city, including the pole stockyard, two guest/staff houses, and a “business building office” that housed its former head office./(N. Glenn Aragon/INews)