The DOE has a proposal to amend the Electric Power Industry Reform Act of 2001 to ban foreign-owned or foreign government-backed enterprises from engaging in power transmission. | GabrielLaluINQ
“Provided further, that an entity controlled by or acting on behalf of the foreign government or foreign state-owned enterprises shall be prohibited from owning capital in any entity engaged in the transmission of electricity,” the DOE-backed bill read.
The bill — if this provision is retained in the version passed by Congress and signed by the president — also mandates that existing entities acting on behalf of foreign governments cannot make disclosures and extend assistance to other governments in the interest of the Philippines’ national security.
Also, the DOE-backed bill also seeks to empower the Energy Regulatory Commission by giving it authority to look at the financial statements of the generation sector.“The President may, upon the recommendation of the DOE, issue a declaration of electric power crisis in times of critically low electricity supply or unusually high electricity prices,” the proposal stated.
“Just to inform everyone, our chairman Lord Velasco is very committed to fast-track this bill,” Fuentebella said.
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