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Monday, April 15, 2024

Bacolod: MORE Power to invest P4B in Ceneco JVA

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Bacolod City – MORE Electric and Power Corporation (MORE Power) of business tycoon Enrique Razon will invest about P4 billion in the proposed Joint Venture Agreement with Central Negros Electric Cooperative, as about 1,000 barangay leaders in 61 barangays in Bacolod City yesterday aired their full support to the proposal.

This was revealed recently by MORE Power and IGNITE Power president Roel Castro, who was joined by Negros Occidental Vice. Gov. Jeffrey Ferrer in the conduct of an information dissemination campaign on the JVA proposal.

Castro said that the Ceneco assets they will purchase range from P1.4 billion to P1.7 billion, if JVA is approved, on top of P2 billion worth of capital expenditures (capex) they will be investing starting on Day 1.

But it is safe to say P4 billion (investment), he added.

Castro, who personally briefed the Bacolod City leaders on the advantages of JVA with Ceneco, said “while it looks like there is an initial acceptance, but I still think, we need to do more efforts.”

At the end of the day, not only barangay captains and leaders will vote (for approval of JVA), but their constituents, he added.

Of the 220,000 Ceneco consumers, 70 percent are in Bacolod City, while the remaining 30 percent are spread over the cities of Talisay and Silay, as well as Bago, Murcia and Don Salvador Benedicto.

Ferrer, who is also a Ceneco consumer and a taxpayer of Bacolod City, called on barangay officials to lead in explaining to the JVA proposal to their respective constituents, as he already initially did in Bago City.

He also disclosed that all the mayors within the Ceneco area of coverage, including Mayor Alfredo Abelardo Benitez, have also expressed support to the JVA proposal.

On May 26, multi sectoral groups, composed of the Utilities Consumers Advocates for Reforms (UCARE), General Alliance of Workers Association (GAWA),  National Congress of Union in the Sugar Industry of the Philippines (NACUSIP), Commercial Agro Industrial Labor Organization (CAILO),  United Sugar Farmers Organization (USFD), United KCI Labor Union, Power Watch Negros, Multi Sectoral Alliance for Solidarity and Advocacy, Negros Labor Forum, banded together with Ceneco consumers to express their support to the JVA, and even urged Ceneco and IGNITE Power to expedite the process of finalizing it.

Ferrer challenged those who opposed to the JVA to present a solution to the current problems confronting Ceneco.

I have yet to hear any praises for Ceneco services, ever since, the vice governor stressed.

As to the referendum on JVA, Castro it will be up the Ceneco and National Electrification Administration to decide when, although he is optimistic that it will be held within this year.

Castro added that they will have get the support of 50 percent plus of Ceneco members of good standing, for the approval of JVA.

After a meeting and briefing with Gov. Eugenio Jose Lacson, Ferrer and other provincial officials, as well as some mayors, Castro said they will hold another JVA briefing with Bacolod City officials, tentatively on June 5. (Gilbert Bayoran via The Visayan Daily Star (TVDS), photo courtesy of TVDS)

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