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Power retailer Manila Electric Co. warned of higher power rates for June due to higher spot market prices amid the spate of red and yellow alerts in April, increase in the settlement costs in the reserve market and higher feed-in tariff allowance, and the impact of the peso depreciation.
The Energy Regulatory Commission ordered the partial lifting of the suspension on settlement amounts in the reserve market. Zaldarriaga said, on top of these charges, there’s also an upward pressure in the generation charge given the tight supply conditions in the Luzon grid. The peso depreciation, which affects a big chunk of the costs of independent power producers and power supply agreements, is also expected to contribute to higher generation charge in June.
She said they have started issuing provisional approvals to those with power supply agreements pending with the ERC.
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