"Well the April Luzon rate for NPC is at P5.71/kWh. That may very well be higher than certain PSAs. Meralco has filed four new PSAs with the ERC and you can find those filings on the ERC website. Those filings contain a "sample calculation" for the February billing month and each of those four sample calculations are below the P5.71 level. [disclosure: Meralco is a client] The March "Selling Rate" for WESM was P5.41 - but that's a volatile animal. However, interestingly, the trailing 12-month average for the WESM Selling Rate is also P5.4. The ERC ratemaking scheme for NPC does appear to be more of less fair to me - although I agree there are several ways to execute fairness in ratemaking. It's the ERC's job to weigh all those and determine "fair." I guess it's always a debatable issue. But fundamentally, cost recovery - which is what the ERC aims for with NPC, is appropriate for a government owned entity. What is disappointing is that cost-recovery rates were not in place during all..." - Nick in Manila