A week after the Energy Regulatory Committee (ERC) voided the high wholesale power prices in November and December 2013, the Philippine Electricity Market Corp. (PEMC) found that the rate adjustments imposed by the Manila Electric Co. (Meralco) late last year were, indeed, excessive.

After reviewing the computations of the regulated prices for the two supply months, the PEMC said the average price rate on the spot market in November should be P6.007/kWh instead of P25.404/kWh and P6.24/kWh for December, not P28.367/kWh.