B

for 2016, but reduced by the adjustments which should only be recovered during the 3rd regulatory period pertaining to the efficiency carry-over and under-recoveries.”

The third regulatory reset period for NGCP lapsed on December 2015, and its fourth reset should have started January last year.

However, since the company has yet to secure approval on its fourth rate-setting regulatory period, it no longer have a MAR to implement, thus, the need for the interim approval on its revenue base.

“Pending the reset process, the Commission granted NGCP’s MAR for 2016 that is outside the RTWR (Rules for Setting Transmission Wheeling Rates) and only an interim approach for determining the revenue of NGCP,” the ERC order has stipulated.