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Review of the Regulatory Asset Base Valuations of Manila Electric Company, Cagayan Electric Power and Light Company, Inc., and Dagupan Electric Corporation - Philippines

The return on the value of the regulatory asset base is one of the main building blocks used to determine the revenue to which a regulated entity in the Philippines is entitled when determining its price-cap. NCL undertook the review of the valuation of the regulatory asset base of the three private distribution utilities (including the largest distribution utility in the Philippines, Manila Electric Company with almost 5 million customers) entering Performance-Based Regulation at the 1st Entry Point for the Third Regulatory Period, using an optimised depreciated replacement cost methodology.