THE Energy Regulatory Commission said that they are looking into claims made by the former commissioner of the agency to which the Manila Electric Company (Meralco) owes P150 billion in refunds to their customers.

Earlier, former Commissioner Alfredo Non stated that Meralco had owed customers a refund as based on their re-computation with regards to the weighted average cost of capital (WACC).

According to ERC Chairman and CEO Monalisa Dimalanta, they already received a copy of the computations that were submitted by Non.

“It was submitted as part of the Motion for Reconsideration in the case so we will resolve it as part of the case,” Dimalanta said.

Earlier, Laguna Representative Dan Fernandez claimed that Meralco’s WACC should only be 9.62%.

This is given that the company’s power distribution already covered 70% of Luzon.

It was learned that Meralco’s WACC is at 14.97% since 2015.

Meanwhile, Fernandez said that the unadjusted WACC was the key reason for consistently high power rates, which were among the highest in Asia.

Meralco spokesperson Joe Zaldarriaga had issued a statement disputing Fernandez's claims and said Meralco’s rates were at par with the service it provides.

“Our rates and service are monitored strictly by the regulator and records show that we have always outperformed and have more than complied with the level of service expected from us,” Zaldarriaga said.