Split Meralco ‘mega-franchise’ into 3 — Laguna solon

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Split Meralco ‘mega-franchise’ into 3 — Laguna solon
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A lawmaker on Tuesday urged Congress to split the mega-franchise of the Manila Electric Company into three, accusing the utility of monopolistic behavior and failing to serve the interest of 7.6 million subscribers and overcharging them in the last nine years.

In his speech, the Laguna lawmaker also said Meralco now controls at least 70 percent of Luzon’s electricity output, giving it the leverage to manipulate the operations of power producers and sellers. He said before Meralco buys the Ilijan power plant, which was estimated to cost $700 million, it must first refund the excess fees it collected from 7.6 million customers in Luzon.

He said risk rates, interest net rates of banks, and regulatory asset base were high in 2015 because of the Asian financial crisis. “Meralco has always capitalized on economies of scale to ensure that it can get the lowest generation cost from its power suppliers,” Zaldarriaga said.

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