Business NEWS

The financial burden of consumers on their fuel budgets will be aggravated next week as the cost of gasoline and diesel products are expected to be adjusted upwards at heftier amounts of P1.00 to P1.10 per liter, based on the initial calculation of the oil companies.

With plant shutdowns bringing power grids to breaking points again, the Department of Energy (DOE) nudged power plant owners to re-align their maintenance activities to avoid brownouts during the summer months.          

The interface of the information technology (IT) platform for the permitting of energy projects under the Energy Virtual One-Stop Shop (EVOSS) is targeted for completion this year, according to the Department of Energy.

Power utility giant Manila Electric Company (Meralco) has applied for regulatory approval on its proposal to refund to its customers P13.885 billion cost over-recoveries arising from the implementation of its actual weighted average tariff (AWAT) within the lapsed regulatory period from July 2015 to November 2020.

SN Aboitiz Power-Benguet Inc. (SNAP-Benguet), which is a subsidiary company of Aboitiz Power Corporation in a tie-up with Norwegian firm SN Power, has secured P18 billion unsecured notes facility from two local banks, and it utilized the proceeds to prepay loans for its hydropower facility acquisitions.

The Department of Energy (DOE) is reinvigorating the investment landscape so it can entice massive capital flow for P10 trillion worth of energy projects that had been cast under the updated Philippine Energy Plan (PEP).

A price-setting and regulation of liquefied natural gas (LNG) procured through third party access (TPA) shall be subject to a regulation of the Energy Regulatory Commission (ERC), which shall also be crafting the warranted TPA Code for the industry.

Existing generating facilities with definitive expansion plans will be excluded from the coverage of the coal moratorium policy that was finally firmed up by the Department of Energy (DOE) in an advisory that it issued this week.

The Energy Regulatory Commission (ERC) has tapped mid-tier accounting and advisory firm Roxas Cruz Tagle and Co., a member company of BDO International Ltd., to be its third party consultant in the audit of refunds carried out by power utility giant Manila Electric Company.          

A ‘residual cash pool’ of P370 million from the extinct Oil Price Stabilization Fund (OPSF) have been remitted recently by the Department of Energy (DOE) to the national government so it can add up to the state’s budget for the coronavirus pandemic response.            

Ayala-led firm AC Energy Philippines Inc. (ACEN) is accelerating the offer period for its stock rights offering (SRO) that will cover the issuance of 2,267,580,434 shares.

The coronavirus pandemic may have limited physical mobility in government offices, but the Energy Regulatory Commission (ERC) reported that it logged ‘better performance’ in 2020, with higher number of cases resolved within the period.

Uy-led Phoenix Petroleum Philippines Inc. is reinforcing its digital or electronic commerce (e-commerce) platform in bids to bolster its sale of petroleum products.

Motorists with gasoline-fed vehicles will have higher degree of financial torment in the coming week, as industry players are anticipating rise in prices for that commodity at the scale of P0.80 to P0.95 per liter.

Customers of Manila Electric Company (Meralco) will need to pay additional P0.2744 per kilowatt hour (kwh) in their electric bills this month, as the overall tariff of the utility firm had increased to P8.7497 per kwh this January from last month’s P8.4753 per kwh.

The Department of Energy (DOE) will be sorting out a policy to mark off power generation plants that shall already be retired in the country, so provision of electricity to consumers could be improved.

Meralco PowerGen Corporation (MGen), the power generation investment arm of Manila Electric Company, has acquired 20-percent of the shareholdings held by its Singaporean firm-partner Sunseap in the 50-megawatt PowerSource First Bulacan Solar Inc. (PFBSI) project.

Power utility giant Manila Electric Company (Meralco) is anticipating probable increase in power rates to be passed on to its customers in the January bills.