DOE releases guidelines on energy firms’ audit reports

By Alena Mae S. Flores – November 12, 2023, 9:00 pm
from manilastandard.net

The Department of Energy released a draft circular on the guidelines for the audit and reportorial and remittance obligations of upstream, renewable energy, small scale coal mining, coal traders, power generating firms and energy resource developers.

It said the draft circular aims to provide for timelines and imposition of penalties for non-compliance of the reportorial and remittance obligations of the stakeholders.

The department is mandated to formulate and implement fiscal policies, programs and regulations on indigenous energy resource service contractors (SCs) and power generating companies (gencos) and energy resource developers (ERDs).

The circular, subject to public consultations, will apply to all entities engaged in the exploration, development and utilization of coal, petroleum and renewable energy resources and power generation.

“Gencos and/or ERDs shall be required to submit to the DOE a duly accomplished electricity sales report and allocation and remittance report on a per power plant basis within 60 days after the end of each billing quarter of a calendar year,” it said.

The DOE said it would start the audit of the books of accounts of the auditee within 36 months following the end of each calendar year.