Cited Laws
TL;DR — Ruling
WHEREFORE , the foregoing premises considered, the application for approval of the sale of various subtransmission lines/assets of the National Transmission Corporation (TRANSCO) to Manila Electric Company ([Meralco]), as covered by a Contract to Sell, with prayer for provisional authority, filed jointly by TRANSCO and [Meralco], is hereby APPROVED with modification .
Accordingly, Meralco, as buyer of the STAs, should pay NGCP the improvement and upgrade costs as additional value to the agreed cost with TRANSCO. [11] The ERC granted NGCP's Petition for Intervention. [12] Hearings on the Joint Application were conducted. Ruling of the ERC On April 22, 2013, the ERC rendered a Decision [13] approving with modification the Joint Application, the fallo reads: WHEREFORE , the foregoing premises considered, the application for approval of the sale of various subtransmission lines/assets of the National Transmission Corporation (TRANSCO) to Manila Electric Company ([Meralco]), as covered by a Contract to Sell, with prayer for provisional authority, filed jointly by TRANSCO and [Meralco], is hereby APPROVED with modification . Accordingly, the sale of the following subtransmission assets of TRANSCO to [Meralco] in the amount of One Hundred Nine Million One Hundred Eighty Six Thousand Six Hundred Four and 30/100 Pesos [[PHP] 109,186,604.30], is hereby APPROVED : a) Tayabas 115 kV Switchyard; .... b) Ternate Substation Equipment. .... On the other hand, the sale of the following subtransmission assets of TRANSCO to [Meralco] is hereby DISAPPROVED : a) Dasmariñas-Abubot-Rosario 115 kV Line; and b) Rosario Substation Equipment. Upon the consummation of the sale, let a copy of the corresponding Deed of Absolute Sale between TRANSCO and [Meralco] be furnished the Commission, for record purposes. SO ORDERED.