BACOLOD City – Majority of Central Negros Electric Cooperative’s (CENECO) member-consumers approved the joint venture agreement (JVA) of the power utility with Primelectric Holdings, Inc./Negros Electric Power Corporation (NEPC).
The “yes” vote for the JVA dominated the series of plebiscites conducted recently.
In the sixth and final plebiscite held on Aug. 27, there were 98,591 “yes” votes (55.53 percent) while there were 6,899 “no” votes, data from the Overall Plebiscite Committee (OPC) showed.
To ratify the JVA, 88,870 of the majority (50 percent plus one) of the 177,737 eligible voters of CENECO are needed.
Here is the breakdown of the vote results of the six plebiscites held:
* June 24: Yes – 13,587; No – 3,748
* June 25: Yes – 8,087; No – 2,319
* Aug. 19: Yes – 24,641; No – 284
* Aug. 20: Yes – 21,247; No – 250
* Aug. 26: Yes – 25,245; No – 116
* Aug. 27: Yes – 5,784; No – 137
CENECO acting general manager Arnel Lapore said the electric cooperative will make a report on the result of the plebiscite to be submitted to the National Electrification Administration (NEA).
Recently, Primelectric presented to former Negros Occidental governor Rafael Coscolluela its detailed five-year modernization and financial plan in relation to the JVA.
This included, upon execution, an actual payment of 70 percent of the value of the distribution assets of CENECO and its 30 percent share in the joint venture company.
CENECO’s assets were valued at P2.4 billion by an independent third-party evaluator last September 2022.
Primelectric also has a concrete and doable program for reducing systems losses that will lead to lower and affordable power rates.
The JV Company, Negros Electric Power Corp., will pour in at least P2 billion in capital expenditures to be used in the massive system rehabilitation leading to 24/7 power supply, lower occurrence of unscheduled power interruptions (UPI), more efficient operations, and reasonable power rates.
There will be a proactive information system, too, using the latest technologies to monitor service areas, and a state-of-the-art customer care program, which means faster response to requests of consumers.
On the other hand, employees of CENECO will be given preference in the hiring, if qualified, and provided adequate compensation.
The joint venture will have corporate social responsibilities and partnerships to help communities, local government units, and barangays.
And CENECO, having a 30-percent equity in the joint venture corporation, will have representation in the governing board.
CENECO franchise areas are the cities of Bacolod, Bago, Talisay, and Silay and the municipalities of Murcia and Don Salvador Benedicto, all in Negros Occidental./PN
