5 more ECs benefit from rate reduction due to loan condonation
The Energy Regulatory Commission (ERC) approved the loan condonation applications of five (5) more electric cooperatives (ECs) during its regular meeting on September 14, 2004. This brings the total number of final authorities issued to eighty-three (83).
“The Commission is happy that consumers will experience a rate relief as a result of the loan condonation,” ERC Chairman Rodolfo B. Albano, Jr. expressed.
The five (5) ECs granted final authority by the Commission with its respective reduced average rate are Basilan Electric Cooperative – (1.3507), Cebu II Electric Cooperative – (0.1191), Zamboanga City Electric Cooperative – (0.0578), Zamboanga del Sur I Electric Cooperative – (0.1437), and Zamboanga del Norte Electric Cooperative – (0.1723).
The Commission is currently reviewing eighteen (18) loan condonation applications. In addition, the ERC hopes to receive from the Power Sector Assets and Liabilities Management Corporation (PSALM) the remaining seventeen (17) applications brought to it for the final audit of the deferred loans. “We are completing the loan condonation process with utmost urgency as we realize that consumer-members of ECs stand to benefit from the loan reprieve,” the ERC Chief said.
The deferred loans for condonation refer to ECs capital expenses in the mini hydro and dendro thermal plants.
September 17, 2004