Do ‘they’ want San Miguel energy firms to go bankrupt?
First of 2 parts
THE Energy Regulatory Commission (ERC) seems intent on driving San Miguel’s power-generation corporations — San Miguel Energy and South Premiere Power — to bankruptcy.
It has rejected their pleas, initially made together with Meralco, the buyer of its electricity for retail distribution, for an orderly increase in rates required by unforeseen circumstances, including the Russian invasion of Ukraine.
President Ferdinand Marcos Jr. has unwisely joined the fray, issuing a press statement last week asking the Court of Appeals that issued a temporary restraining order favoring the San Miguel firms, to reverse its order. This is the first time a Philippine president has asked a court — which is beyond the authority of the executive branch — to reverse its ruling. Not even his father who had dictatorial powers ever publicly intervened with the courts, even just through a public statement.
In his statement, Marcos said: “The instantaneous effect of the temporary suspension on the implementation of the power supply agreement will consequently expose approximately 7.5 million registered Meralco consumers in the National Capital Region and other areas in Central Luzon and Calabarzon to higher electricity prices without preparation usually observed in case of power supply agreement termination.”(more…)