- GILBERT P. BAYORAN
The National Electrification Administration has confirmed the final result of the plebiscite on the Joint Venture Agreement between the Central Negros Electric Cooperative and Primelectric Holdings Inc./Negros Electric Power Corporation.
In a memorandum, NEA confirmed the result of the plebiscite as determined, proclaimed, and submitted to them by Ceneco, with 98,591 votes in favor of the JVA.
NEA administrator Antonio Mariano Almeda also ordered Ceneco to submit the approved JVA to NEA for its consent, in accordance with Presidential Decree 269, or the NEA Decree.
Almeda also said Ceneco should be prepared to answer questions or queries of the NEA on the JVA.
The NEA, he added, expressly reserves its right to impose further conditions for its consent to the JVA, for the protection of the Ceneco consumer-members.
Almeda further said that Ceneco should also be ready to present a plan on how it intends to secure the consent of any other lending source, which holds a lien on any of its properties, as required under PD 269.
After its confirmation from NEA, Jonathan Cabrera, MORE Power media relations officer, said that it will be followed by a transition and application of franchise in Congress.
Abang Lingkod partylist Rep. Stephen Joseph Paduano earlier hinted his intention to sponsor the NEPC franchise application in the House of Representatives.
If approved by Congress, Ceneco acting general manager Arnel Lapore said that NEPC can operate the distribution facility for 25 years.
MORE Power president Roel Castro earlier assured the consumer-members that they are committed to invest P2 billion in the expansion and modernization of Ceneco.
PHI and NEPC are affiliates of MORE Electric and Power Corp., a private distribution utility in Iloilo with proven financial and technical capabilities in the modernization and operation of distribution systems, the JVA said.
NEPC will pay for 70 percent of Ceneco’s distribution assets and the 30 percent balance would represent the capital contribution of the power cooperative to the corporation, it added./GB
