Panay Electric Company (PECO) believes that More Electric and Power Corp.’s (MORE Power) battle to take over power distribution in the city is still from over.
PECO Corporate Communications Officer Mikel Afzelius doubted the readiness of the new power player to distribute electricity in the highly urbanized city.
He said MORE Power has no distribution assets yet.
PECO, whose franchise expired on Jan. 19, 2019, maintained its decision not to sell its assets to MORE Power, which was previously MORE Minerals Corp., a unit of Monte Oro Resources and Energy, Inc. (MORE) owned by Enrique K. Razon, Jr.
“They have to put up their own assets,” Afzelius said.
Last week, MORE Power spokesperson Jonathan Cabrera said the Office of the President had already received the bill granting their franchise to operate in the city for 25 years.
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Afzelius said their rival firm still needs to secure a Certificate of Public Convenience and Necessity (CPCN) from the Energy Regulatory Commission (ERC).
Despite its expired franchise, Cacho-led PECO continues to distribute power in the city under a CPCN.
PECO’s CPCN will expire in May 2019.
Afzelius said there’s also no agreement made between them and MORE Power.
PECO’s franchise application remains pending at the House committee on legislative franchises.
Afzelius said they will continue pushing for the extension of their franchise. PECO has been serving in the city for almost a century.
In a previous report by IMT NEWS, MORE Power President Roel C. Castro said they have the capability to undertake power distribution operations.
“We are actually ready to invest P700 million in the next three to five years to improve the reliability, to bring down the systems losses, to improve the capacity, and so on.”IMT