Energy & Mining

In a welcome development for motorists, the various fuel retailers have rolled back the cost of petroleum products starting Tuesday. Diesel prices ease by P0.20 per liter while kerosene prices are reduced by P0.40 per liter. However, gasoline prices remain steady.

Renewable energy generator Raslag Corp. announced that its board has approved a capital-raising plan aimed at generating up to P2 billion through the private placement of up to 15 million preferred shares.

The Manila Electric Co. (Meralco) has revised its power sales forecast this year to only 4.6 percent, signaling a weaker performance versus the previous year. The revised projection comes following an exceptional spike in demand due to the effects of El Niño in 2024, which is unlikely to repeat this year.

SP New Energy Corp. (SPNEC), the solar power producer now under the control of Manila Electric Co. (Meralco), has unveiled plans for a second major solar farm in Batangas.

The Energy Regulatory Commission (ERC) has granted Manila Electric Co. (Meralco) provisional authority to implement a refund scheme amounting to P19.95 billion, covering an over-recovery of rates from 1 July 2022, to 31 December 2024. The scheme will be executed over 36 months, with refunds starting in the next billing cycle.