Next!!! : House turns sights to shake down Lopez ‘power oligarchy’

Only a battle has been won, the war is still raging and the next point of contact between the government and the Lopezes is the power supply contract of the Lopez family with Manila Electric Co.

A nightmare that the Lopez family might experience again following the denial of Congress of their application for a new legislative franchise after the expiration of the previous one last May 5.

The House committee on good government and public accountability will be scrutinizing the multi-billion peso, power supply contract of the Lopez family with Manila Electric Co. (MERALCO).

(photo credit to owner)

The committee will convene this coming July 15 to investigate the gigantic spike in Meralco’s electricity rates during the three-month Enhanced Community Qurantine (ECQ), where a big drop in the demand for power was experienced.
According to Committee chair Jose Antonio Sy-Alvarado,there would be a review by the House members of the terms of the Lopez-owned First Gas Power Corp.’s Sta. Rita and San Lorenzo plants and whether these could be adjusted or revoked.

Congressman Mike Defensor notes that the Lopez owned power plants account for 30 percent of Meralco’s power supply deals.

He further explains that the First Gas power deals were signed by Meralco in 1994 when the country’s biggest power utility was still in the hands of Meralco. The Salim-Metro Pacific group headed here in the country by Manny V. Pangilinan and Gokongwei family took over Meralco in 2010. The 25-year power supply agreements will end between 2025 and 2027.

This action reviewing power supply deals are but a continuation of the shakedown and follows President Rodrigo Duterte’s attack on water utilities Zobel led Maynilad and the Manny V. Pangilinan (MVP) led Manila Water.

The Lopez-controlled ABS-CBN Corporation shutdown is a message to the media while the investigation into water and power utilities is a message to the other billionaires who has business in the energy sector.

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