THE Energy Regulatory Commission (ERC) has ordered the refund of overcollection in market fees from participants of the Wholesale Electricity Spot Market (WESM) in Luzon and the Visayas amounting to P973 million for 2016 and 2017.

In its 83-page decision, the regulator said it approved with modification the market transaction fees proposed by the Philippine Electricity Market Corp. (PEMC), the governing body of WESM, the venue for trading electricity as a commodity.