Business NEWS

With many of the country’s electric cooperatives (ECs) still getting back on their feet following last year’s wallop of disasters and most still prepping for recovery from the health crisis, the National Electrification Administration (NEA) reported that loan portfolios extended to these rural power utilities reached P102 million within first quarter this year.

The country’s electric cooperatives (ECs) are prodded to undertake their competitive selection process (CSP) on power supply agreements (PSAs) to guarantee that they will not suffer supply shortages in the immediate term, especially with the portended economic recovery post-pandemic.

To rehabilitate its facilities that were struck down by strong typhoons last year, the Marinduque Electric Cooperative (MARELCO) was granted and disbursed a calamity loan of P3.322 million from the National Electrification Administration.According to the NEA’s accounts management and guarantee department, the assets of the power utility needing repairs were those damaged during the wallop of typhoons Quinta and Rolly around October and November last year.

The aggregate loans disbursed by the National Electrification Administration (NEA) to the electric cooperatives reached P439.983 million last year, according to the agency’s accounts management and guarantee department.

In what could be an indication of rebound in electricity demand, the National Electrification Administration (NEA) reported that the energy sales of electric cooperatives (ECs) had been up by 3.0-percent in the third quarter of 2020.

For consumers served by the country’s 121 electric cooperatives, electrification level already topped 14-million customer connections, according to the National Electrification Administration (NEA).

An additional P550 million allocation had been proposed in the P4.506 trillion budget of the Philippine government, so extra financial resources can be funneled into the repair of power lines damaged by calamities.

Electricity service restoration in typhoon-ravaged provinces in the Bicol region is now on its accelerated pace, with power supply already back in Naga City and three towns in Camarines Sur; while several towns in Camarines Norte already gained back their power service.

The Energy Regulatory Commission (ERC) has cautioned power utilities in typhoon-hit areas that they would still need to comply with prescribed service levels that’s why they cannot afford to be moving too slow in the restoration of electricity service for their customers.

In the spirit of ‘civic unity’ or bayanihan, the country’s electric cooperatives (EC) are deploying hundreds of their workers so electricity service restoration in the typhoon-crumbled provinces in the Bicol region could be stepped up.

Power utility giant Manila Electric Company (Meralco) and other industry players are now stepping up on their preparations and contingency measures to mitigate power interruptions that could be brought in by strong typhoon Rolly, which is expected to make a landfall this weekend.

Despite the continued wreck of the coronavirus pandemic, the higher electricity usage of consumers had jacked up the overall revenues of the country’s electric cooperatives within April-June this year to P54.074 billion, higher by 9.0-percent from P49.672 billion in the first quarter.

The loans extended by the National Electrification Administration (NEA) to the country’s electric cooperatives (ECs) reached P364.5 million as of end-September, and that already topped the scale of credit window allotted for them this year.