"We can no longer wait for Napocor to file a joint application. I think we can file on our own. I don’t know what’s taking them (Napocor) so long to prepare their application," Meralco president Jesus Francisco said.
Francisco said they are finalizing some of the "exhibits" to support their application. "Hopefully, we can complete the exhibits within the week," he said.
According to Francisco, this is not the first time that they will file a separate application on a joint undertaking with the Napocor.
"We have filed our own application when we applied for the implementation of the SPEED (Special Program to Enhance Electricity Demand)," he said.
He said the ERC does not actually require Meralco and Napocor to file a joint application. "I’m not aware of any ERC ruling requiring us to file jointly," he said.
Francisco earlier said their application for the P20-billion settlement agreement with Napocor would result to a net savings of 12 centavos per kilowatthour (kwh) to its consumers.
The computation of net savings, he said, was based on March figures which could change depending on the rates imposed by Napocor for the past four months.
"It (the savings) could vary. But I sincerely think this agreement will lead to customers paying less. It will be a reduction in power rates," Francisco said.
Under the P20-billion settlement agreement, Meralco will compensate Napocor the amount of P27.515 billion for the electricity it contracted but failed to purchase from the government-owned power corporation. Napocor, on the other hand, will pay Meralco P7.465 billion for its failure to provide transmission services to Meralco’s independent power producers. The net settlement thus amounts to P20.05 billion.
The agreement will allow Meralco to pay this net settlement amount within five years.