Welcome to the top twenty something index issues of the PSEi that have big market capitalization, plus some banks and financial big caps as well
Miss Dina, here is your answer
http://business.inquirer.net/59781/psei ... -bloodbath
stuck with this.
Manila Electric Co., the power retailer that sold its plants to the government almost four decades ago, will team up with a Japanese utility to build the Philippines’ first natural gas-fired power plant in more than 10 years to help reduce outages.
The proposed 1,500-megawatt plant may be built in the southern part of Luzon with half the project likely to be completed in late 2016, chief operating officer Oscar Reyes said in an interview at his office on May 24. He declined to name the Japanese company because a feasibility study is still being conducted.
“We’re now building our own generation portfolio to contribute to the issue of adequate power and help control prices,” Reyes said.
http://business.manilastandardtoday.com ... rm-tie-up/
"a truly rich person is not one who has the most... instead is one who needs the least"
panalo sa kaso.
http://www2.pse.com.ph/html/disclosure/ ... 77_MER.pdf
ano ba ang ibig sabihin nito, mga guru.
I'm no guru but let me attempt to explain.
To make the 17 page disclosure short and simple, allow me to itemize the salient points without going into full details (as these can be gleaned from the disclosure document):
1. Background: Nov, 1994. MER entered into contract with NPC to purchase a minimum and specified volume of electric power from the latter for the period 1994 to 2004.
2. MER failed to draw enough power from NPC’s facilities from 2002-2004 and did not pay for the undrawn energy of the contract.
3. NPC sued MER and MER made counter-claims.
4. By virtue of arbritration settlement, both parties agreed that MER should pay NPC a net amount of +-P14B and the same would be passed on to the Meralco consumers to be paid over 5-6 years.
5. The pass-through charges to MER customers were submitted jointly by MER and NPC to ERC for approval in April 2004.
6. OSG intervened and objected this proposal in 2006.
7. MER seek relief from RTC.
8. May 29, 2012: RTC gave MER and NPC the green light to submit the application for the approval of the settlement provision (To allow the pass-through to MER consumers the settlement amount payable to NPC.)
Wow! It took the case 8 years just to go back to square 1 (item #5). And we're not even sure what will be the outcome of ERC's decision.
It should be noted that the entire episode happened during the management of the Lopezes.
Because Meralco is a monopoly.
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