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072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,

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Page 1: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 2: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 3: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 4: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 5: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 6: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 7: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 8: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 9: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 10: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 11: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 12: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 13: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 14: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 15: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 16: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 17: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,
Page 18: 072712 ERC's Order ERC Case No. 2012-087 RC dtd 7 …corporate-erc-postings.s3.amazonaws.com/371fc8d93cb587e...Republic of the Philippines ENERGY REGULATORY COMMISSION San Miguel Avenue,