Power generation companies and distribution utilities seeking to comply with public offering requirements (POR) under Section 43(t) of Republic Act No. 9136 (EPIRA) can now expect an easier and simpler registration process at the Securities and Exchange Commission (SEC) with the issuance of SEC Memorandum Circular No. 4, Series of 2024 on the Securing and Expanding Capital for PowerGen Operators and Wholesale Electricity and Retail Services (SEC POWERS).

“We commend the SEC for crafting an inclusive policy that is borne by the collaborative efforts between the ERC and SEC, with valuable insights from our stakeholders. This partnership has indeed achieved its primary objectives of co-creating responsive policies aimed at boosting the competitiveness and growth of the electric power industry, as well as promoting democratic processes in energy regulation,” ERC Chairperson and CEO Monalisa Dimalanta said.

The SEC POWERS streamlines the process of registering securities for sale to the public and is a significant development towards ensuring compliance with the POR.

The SEC outlined the guidelines for filing of registration statements of generation companies and distribution utilities mandated under the EPIRA and ERC Resolution No. 09, Series of 2011, as amended by ERC Resolution No. 04, Series of 2019 to offer and sell to the public a portion of not less than fifteen percent (15%) of their common shares of stocks.