00:00The Manila Electric Cooperative or Miralco is set to return a total of 19 billion pesos to power consumers and supplies.
00:08This amount will cover the difference between the actual weighted average tariff of the company and the approved rate of 1 peso and 36 centavos per kilowatt hour from July of 2022 to December of 2024.
00:22Under Miralco's refund proposal, the rate for residential customers will be reduced by 19 centavos per kilowatt hour.
00:29from the current rate of 11 pesos and 74 centavos per kilowatt hour.
00:34This proposal still needs to be approved by the Energy Regulatory Commission or ERC and can also be modified by the Commission.
00:42The ERC first ordered Miralco to refund the expenses involved in the regulatory rate reset process such as the hiring of technical experts.
