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PIA Press Release

PGMA renews warning to price power manipulators

Cebu City (13 October) -- "Rest be assured that no stone will be left unturned in the investigation of the alleged price manipulation in the power market," are the strong words again uttered by President Gloria Macapagal-Arroyo this morning during the inauguration of a new bus terminal cum public market in Danao City, Cebu.

Pres. Arroyo in her speech declared "The entire energy team and I are at the forefront in protecting the interest of the public as the people deserve no less."

The President made the statements amid reports of power price manipulation after the implementation of the Wholesale Electricity Spot Market (WESM). Power price manipulation is allegedly done by deliberately withholding the dispatch of power to hike prices up due to the low supply amid heavy demand.

Yesterday when she spoke before thousands of barangay officials nationwide during its annual convention in Cebu City, the President issued the firm warning against power price manipulators that "Reports of price manipulation are unacceptable. They should not go unpunished if culpabilities are established."

Mrs. Arroyo emphasized the significance of power in luring investors into the country as creating a business-friendly climate includes a stable supply of electricity that is very important to the industries.

The President said energy is a vital tool in achieving economic stability and that the government continues to explore and will not stop its search for alternative sources of energy to lessen the country's dependence on imported fuel.

In recognition of the significant contributions of the Korean Electric Power Corp. (Kepco) to the power industry, the President told the crowd of over 1,000 in Danao City that she has conferred a Presidential Award and Citation to Kepco chairman and chief executive officer Mr. Joon-Ho Han.

Kepco has invested US $400M in Cebu with the construction of two coal-powered plants in the town of Naga and provided rural electrification in some parts of Cebu as well as in other provinces in the country.

Pres. Arroyo thanked Cebu's 5th Dist. Rep. Ramon Durano VI, the brother of Sec. Durano, and to convey her gratitude to Congress as well for the passage of the bio-ethanol bill and other vital measures that seek to lessen the country's dependence on imported oil. (PIA-Cebu/FCR) [top]

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