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MORE Power enhances service via Ceneco joint venture

Published Dec 15, 2023 08:24 am

At A Glance

  • MORE Electric and Power Corp. (MORE Power) commits to maintaining the stable power distribution grid in Iloilo City and advancing the joint venture agreement (JVA) with Central Negros Cooperative (Ceneco) in Negros Occidental.<br>MORE Power's President and CEO, Roel Castro, stated that these initiatives aim to address the public's demand for improved electrical service.<br>Enrique Razon's partnership between Ceneco and Primelectric Holdings Inc. led to the formation of the Negros Electric and Power Corp., with Castro at the helm.<br>The JVA was ratified by the public or Ceneco consumers in midyear 2023, allowing the venture to proceed.<br>NEPC is entitled to approximately 70 percent of Ceneco's assets as per the agreement.<br>NEPC plans to invest over P1.4 billion in enhancing its electric distribution service.<br>The agreement anticipates benefiting 200,000 customers in Bacolod, Bago, Silay, Don Salvador Benedicto, and Murcia.<br>MORE Power has also pursued operational expansions to the second and fourth districts of Iloilo province, under the service areas of Iloilo Electric Cooperatives (Ilecos), in response to public demand and the agreement.<br>MORE Power remains committed to improving power services in Iloilo City.

Razon-led MORE Electric and Power Corp. (MORE Power) said it will maintain the stable power distribution grid in Iloilo City, and to proceed with the joint venture agreement (JVA) with Central Negros Cooperative (Ceneco) in Negros Occidental.

In a statement on Friday, Dec. 15, Roel Castro, MORE Power president and chief executive officer, said that these two initiatives would address the public’s request for better electrical service.

Enrique Razon's partnership between Ceneco and Primelectric Holdings Inc. led to the establishment of the Negros Electric and Power Corp., which would be led by Castro.

The public or Ceneco consumers ratified the JVA midyear of 2023, which allowed the venture to push through.

According to MORE Power, the agreement entitles NEPC to around 70 percent of Ceneco’s assets.

Subsequently, NEPC will invest more than P1.4 billion into improving its electric distribution service.

Included in the venture agreement, Power Corp. is expected to benefit 200,000 customers in Bacolod, Bago, Silay, Don Salvador Benedicto, and Murcia.

Because of the agreement and the public clamor, MORE Power has bid on its operation expansions to Iloilo province.

The parts of the province they hope to work on are the second and fourth districts under the service areas of Iloilo Electric Cooperatives (Ilecos).

Meanwhile, MORE Power Chief said that they are still focused on Iloilo City power improvements.

“To put it in proper perspective, our expansion [to Bacolod] was asked by the consumers so it was not like we just wanted to take over the city,” Castro reassured.

Recently, the electric distribution company amended its congressional franchise for expansion, however, noted that there are still some requirements that are yet to be accomplished.

“This will be the first time in the Philippines that two franchises in an area will compete and Congress wants to see if it will be good,” MORE Power chief elaborated. “There is still a long way to go, we still have Congress, we still have ERC, and then there is more before the actual [Bacolod] takeover.”

Castro added that they have initially invested P1.5 billion in the expansion to connect with 15 possible expansion areas, while carefully considering the take up of demand.

MORE Power currently allocated P4 billion to Ceneco for its system modernization.

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