MORE Electric and Power Corporation is seeking approval from the Energy Regulatory Commission (ERC) to recover over Php 115 million from its customers through an automatic cost adjustment spread over three years.
In a report by Philippine Star, MORE Electric is requesting that the ERC allow the implementation of a true-up mechanism to address under-recoveries and excess revenues accumulated between January 2021 and December 2023.
MORE Power reported a total under-recovery of Php 152.23 million, which covers generation, transmission, real property tax, senior discounts, and subsidy costs.
The amount was adjusted down to approximately Php 115.4 million due to over-recoveries totaling Php 36.82 million from the system loss rate, lifeline charge, subsidy rate (LSR), and franchise tax.
The proposed recovery plan would distribute these charges and refunds over a 36-month period, with the exception of the senior citizen charge and LSR, which would be spread over three and 12 months, respectively.
