The Philippines then was experiencing widespread blackouts due to huge demand for electricity and antiquity of power plants, the abolishment of the Department of Energy and discontinuation of the Bataan Nuclear Power Plant during the Aquino administration. During his State of the Nation address on July 27, 1992, he requested that the Congress enact a law that would create an Energy Department that would plan and manage the Philippines' energy demands. Congress not only created an Energy Department but gave him special emergency powers to resolve the power crisis. Using the powers given to him, Ramos issued licenses to independent power producers (IPP) to construct power plants within 24 months. Ramos issued supply contracts that guaranteed the government would buy whatever power the IPPs produced under the contract in U.S. dollars to entice investments in power plants. This became a problem during the East Asian Financial Crisis when the demand for electricity contracted and the Philippine peso lost half of its value.