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Expenditure Review of Angeles Electric Corporation, Bohol Light Company, Inc., Clark Electric Distribution Corporation, Panay Electric Company, San Fernando Electric Light and Power Company, and Subic Enerzone Corporation - Philippines

Review of the historic and forecast capital expenditure submitted by the 4th Entry Point of Private Distribution Utilities. The review forms part of the rate setting process under Performance-Based Regulation for the Second Regulatory Period. Services also included mentoring the Commission in their review of the operating and maintenance expenditure and taxes, levies and duties expenditure. These expenditures were inputs to the determination of the revenue to which the Distribution Utilities are entitled on which the price caps will be based.During the regulatory reset process for private distribution utilities, the regulated entities are required to submit as part of the rate applications their historic and forward forecasts of its annual capital and operating and maintenance expenditures. The purpose of the review was to determine whether the expenditure programs were based on reasonable costs, efficient, would support the forecast growth, and will allow the regulated entity to achieve or exceed the applicable target levels of performance. Approved capital and operating and maintenance expenditure forecasts will be included in the building block analysis of the Energy Regulatory Commission.