House panel OKs bill cutting power ratesBy GLEE JALEAhome/News/Top Stories/House panel OKs bill cutting power ratesThe House Committee on Energy on Tuesday approved a consolidated bill that will allocate the Malampaya fund to the payment of stranded debts of the National Power Corp. (Napocor) to reduce electricity rates. This bill is unprecedented for a number of years that the Malampaya fund has been untouched, so there is a sense of urgency,” he told reporters. Senate Committee on Energy Chairman Sherwin Gatchalian previously endorsed to the plenary for second reading counterpart Senate Bill 1950 authored by Sen. Ralph Recto. The Malampaya project primarily includes the extraction of natural gas from beneath the country’s waters with 30 percent of Luzon’s power generation requirements. It was expected to provide 2,700 megawatts of power or substantial long-term revenue of some $10 billion to the Philippine government for 20 years starting June 2002.

Source: Manila Times January 22, 2019 16:47 UTC