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The Meralco Foundation takeover was immediately followed by a 100% increase in electric rates, with continuous increases throughout Romualdez' management. [13] A rate adjustment clause, which allowed MERALCO to adjust its rates depending on crude oil increase or higher dollar exchange rates, was also introduced. [13]
As soon as he acquired MERALCO, electric rates were increased by 100% and continually increased throughout his management. [2] He created a new pricing scheme that came in the form of a rate adjustment clause, which allowed MERALCO to adjust its rates depending on crude oil increase or higher dollar exchange rates.
The crisis lasted for 25 years and Meralco, the cornerstone of the MSC conglomerate, was the hardest hit. The annual increase in electricity demand was anemic while the company's net income dropped from Php 62.2M in 1969 to Php 10.3M in 1971. It was not only the financial crisis that challenged Meralco.
Meralco was established as the Manila Electric Railroad and Light Company in 1903. It was created to provide light and an electric railway system to Manila. During World War II the transportation infrastructure of Meralco was destroyed and instead of rebuilding the railway, the company focused its efforts onto its electric services.
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"In 2022, we expect the average nominal price will increase by 3.9% to 14.26 cents/kWh." A natural gas supply crunch has made it more expensive for utility companies to buy or produce electricity.
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