MORE investing P3.5b to modernize CENECO

By Alena Mae S. Flores – July 10, 2024, 9:00 pm
from manilastandard.net

ILOILO CITY—MORE Electric and Power Corp. plans to invest up to P3.5 billion to modernize and upgrade the distribution systems of Central Negros Cooperative and Bohol Light Company, Inc., a top executive said.

MORE Power president Roel Castro said at the sidelines of the 16th Media Seminar organized by the US Embassy here that around P2.5 billion was allotted for CENECO for the next five years.

“The initial investment to buy the distribution system was about P2 billion, and then we are readying another P2.1 billion to P2.5 billion for the next five years for the improvement,” Castro said.

MORE Power through subsidiary Primelectric Holdings Inc., signed a joint venture agreement with CENECO to establish Negros Electric and Power Corp.

MORE Power is Iloilo City’s power distribution utility led by businessman Enrique Razon Jr.

He said NEPC’s franchise bill is awaiting the signature of President Ferdinand Marcos Jr. and is expected to lapse into law by the end of July 2024.

Castro said NEPC would then apply for certificate of public convenience and necessity with the Energy Regulatory Commission.

“We made sure that the systems are ready, the people are ready, the forms, the permits, the logistics, so we are ready,” Castro said.

He said around P1 billion was allocated for Bohol Light, following the acquisition of SPC Power Corp.’s 29.925 million common shares in Bohol’s distribution utility for P199.5 million.

“The system [in Bohol] needs improvement definitely, so I’m looking at about a billion pesos,” he said.

Bohol Light is a distribution utility engaged in the distribution of electricity in Tagbilaran City, its franchise area.