Section 3Sec./Art. 3

Definition of Terms. For purposes of this Act, the following terms shall be defined as stated below:

(a) Joint Congressional Energy Commission (JCEC) refers to the congressional commission constituted under Section 62 of Republic Act No. 9136, otherwise known as the "Electric Power Industry Reform Act of 2001", as amended by Republic Act No. 11285, otherwise known as the "Energy Efficiency and Conservation Act";

(b) Malampaya fund refers to the existing and future government share from the net production proceeds of the Malampaya Natural Gas Project pursuant to Presidential Decree No. 87, otherwise known as "The Oil Exploration and Development Act of 1972", and Service Contract 38. This government share forms part of a Special Account in the general fund used to finance energy resource development and exploitation programs pursuant to Presidential Decree No. 910, entitled "Creating an Energy Development Board, Defining Its Powers and Functions, Providing Funds Therefor, and For Other Purposes";

(c) Malampaya Natural Gas Project refers to Service Contract 38 in offshore Northwest Palawan;

(d) Net government share refers to the sixty percent (60%) share of the national government from the net production proceeds of Service Contract 38 pursuant to Presidential Decree No. 87, otherwise known as "The Oil Exploration and Development Act of 1972", after the deductions provided by Presidential Decree No. 910, Creating the Energy Development Board;

(e) Net national government share refers to the share of the national government from the net government share after the deduction from the net government share of the local government share pursuant to Section 290 of Republic Act No. 7160, otherwise known as the "Local Government Code of 1991";

(f) Net production proceeds refer to the balance of gross proceeds from Service Contract 38 after deducting the Filipino Participation Incentive, if any, and all operating expenses pursuant to Section 8(1) of Presidential Decree No. 87, otherwise known as "The Oil Exploration and Development Act of 1972";

(g) Stranded contract costs of the National Power Corporation (NPC) refer to the excess of the contracted cost of electricity under eligible independent power producer contracts over the actual selling price of the contracted energy output of such contracts in the market. Such contract shall have been approved by the Energy Regulatory Board as of December 31, 2000;

(h) Stranded debts of the NPC refer to any unpaid financial obligations of the NPC which have not been liquidated by the proceeds from the sales and privatization of NPC assets; and

(i) Universal charge refers to a non-bypassable charge which shall be passed on and collected from all end users on a monthly basis by the distribution utilities.