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Manila Bulletin devider Philippines devider Luzon devider Team Energy, Quezelco II create trust account to fund power projects

Team Energy, Quezelco II create trust account to fund power projects

Published May 29, 2023 02:55 pm
PAGBILAO, Quezon – Team Energy Corp. and the Quezon Electric Cooperative II (Quezelco II) have signed a Memorandum of Agreement (MOA) for a trust account where the power company will deposit funds for Quezelco II's electrification projects. Froilan Gregory Romualdez, head of the Corporate Affairs dpartment of Team Energy, said the MOA is in accordance with Energy Regulation 1-94 which is part of a law where there is a benefit to the community in the creation of a power plant. This is the first step for Quezelco II to get funds for projects that will expand the benefits of electricity in their franchise area, Romualdez added. He said that because of this, electricity can reach remote areas that have not yet been lit. Funds can also be used to repair and upgrade the facilities of Quezelco II such as A power line to improve services to the people. Through Energy Regulation 1-94, the operation of the Pagbilao Power Station has helped various projects in the province of Quezon, in the town of Pagbilao, particularly in Barangay Ibabang Polo which is the host village, and in Region 4-A, and recently turned over to Quezon Medical Center various medical equipment for use in the province's hospitals and health centers. Energy Regulation 1-94 was enacted to make sure that host communities get a reasonable share of the profit from power plants operating in their area. The regulation added the policy guidelines that fall under the Department of Energy Act of 1992 in conjunction with the Electric Power Industry Reform Act of 2001 (EPIRA).

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Team Energy Quezelco II Quezon province trust account Pagbilao
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