Procedures for Consultation on the Proposed Guidelines for the Financial Standards of Generation Companies

WHEREAS, pursuant to Section 43 (b)(ii) of Republic Act No. 9136, entitled “Electric Power Industry Reform Act of 2001” the Energy Regulatory Commission (ERC) is responsible to promulgate and enforce a National Grid Code and a Distribution Code which includes the financial capability standards for the Generation Companies.

WHEREAS, pursuant to the said mandate, the ERC drafted the Guidelines to govern the above-stated subjects.

WHEREAS, on January 14, 2005 the ERC issued an Order giving notice to interested parties to submit their comments on the proposed Guidelines on or before February 14, 2005.

WHEREFORE, the ERC has resolved to adopt the following procedure for the orderly and expeditious conduct of said Public Consultation:

Procedure:

• The ERC posted on January 14, 2005 the proposed Guidelines For the Financial Standards of Generation Companies on its website at www.erc.gov.ph. Electronic copies (in CD ROM) are available, at cost, for distribution to interested parties thru ERC’s Market Operations Service.

• All comments and questions shall be sent in accordance with the following order of priority:

1. E-mail at licensing@erc.gov.ph attention to Mr. Nelson G. Canlas and/or Mr. Ariel B. Alcover; and

2. Mail (in soft and hard copies) addressed to Market Operations Service, Energy Regulatory Commission, 12/F, Pacific Center Bldg. San Miguel, Pasig City.

• Only those who submit their valid comments or questions by February 14, 2005 shall be considered as parties of record. All comments or questions will be published on the website upon receipt.

• Parties of record are requested to submit all their valid comments or questions as early as possible in order for the ERC to have sufficient time for consolidating all the submitted comments.

• All written comments and question shall be considered read and need not be reiterated further during the public consultation.

• The public consultation shall be conducted for two (2) days on February 24-25, 2005 and shall start at exactly 9:00 A.M. until 4:00 P.M. (break will be from 12 PM to 2 PM). No request for adjournment or delay of the verbal consultation shall be entertained unless justified. All parties of record should have read the material posted on the ERC website prior to the public consultation.

• The parties of record should limit their participation in the verbal consultation to new matters or questions. The ERC shall reserve its right to disregard comments or questions which have been previously raised and answered. However, additional discussion of detailed points is encouraged.

Guidelines For the Financial Standards of Generation Companies

January 13, 2005