Facing possible abolition, the embattled Energy Regulatory Commission (ERC) was challenged by a Makabayan politiko to show that it can still fulfill its mandate.
Bayan Muna Rep.Carlos Isagani Zarate on Friday (December 2) told the Commission to move toward halting power rate hikes during this holiday season when energy demand and consumption are expected to spike.
Zarate made the call even as Meralco hinted that it may impose a power rate hike in December supposedly due to foreign exchange adjustments and increase of oil prices.
Specifically, the solon asked the ERC–which is currently hounded by corruption charges–“to rein in the greed of power oligarchs”.
“Meralco’s reasoning is really absurd because foreign exchange fluctuation is part of one’s business risks and should not be passed on to consumers,” Zarate said.
“Also oil prices are still generally down compared to three years ago. Besides, the oil stocks they have are at least three months old, meaning they were bought at lower prices so why should they increase their power rates?” he further pointed out.
Zarate accused Meralco of simply trying to rake in more profits. #