Only P34 million due in refund, says Panay Electric Co.

Panay Electric Co. (Peco) on Saturday brushed aside as “entirely false” and misleading allegations about its failure to refund power generation surcharges, which are customarily passed on to end users.

This developed as Panay Energy Development Corp. urged the House committee on legislative franchises to renew Peco’s franchise in recognition of the firm’s qualifications and efficiency as a power distributor.

In a statement, Peco clarified that the refund process, as determined by the Energy Regulatory Commission, is ongoing and that the amount involved has been substantially reduced from P631.3 million to only P34 million.

Peco explained that the refundable amount stemmed from the generation rates charged by the electricity generators and reflected on billing statements.

“We would like to clarify that the amount stated was first and foremost an issue in the generation component of the bill,” Peco said.