“IN THE MATTER OF THE APPLICATION FOR THE APPROVAL OF THE BUSINESS SEPARATION AND UNBUNLING PLAN (BSUP) PURSUAN TO SECTION 36 OF THE REPUBLIC ACT (R.A.) NO. 9136, OTHERWISE KNOWN AS THE ‘ELECTRIC POWER INDUSTRY REFORM ACT, ‘ AND ITS IMPLEMENTING RULES AND REGULATION” ERC CASE NO. 2025-034 MC