Setting up spot market to reduce power rates in the Philippines.

0 Comments | M2 Presswire, December, 2002

M2 PRESSWIRE-20 December 2002-ADB: Setting up spot market to reduce power rates in the Philippines(C)1994-2002 M2 COMMUNICATIONS LTD RDATE:12202002 Manila, Philippines -- Power rates in the Philippines - among the highest in Asia - should be reduced with the help of a US$40 million loan approved by the Asian Development Bank (ADB) to promote competition in the power industry.

The Electricity Market and Transmission Development Project will help establish the Wholesale Electricity Spot Market (WESM), which will spur competition in electricity generation. This will bring prices in line to meet demand as well as the supply by competing generators. The project also supports the Government's accelerated rural electrification program that targets universal...