|
Thursday, September 23, 2004
Solon seeks probe of Napocor
BACOLOD Rep. Monico Puentevella filed a resolution directing the House committee on government enterprises to conduct a probe in all areas of operations of the National Power Corporation (Napocor).
Puentevella said the probe will audit Napocor's finances, review its contract with the Independent Power Producers and the rationalization of the salaries and allowances of its officials in the light of government's austerity measures.
The solon said there is a need for an investigation because Napocor is reportedly responsible for a large amount of the country's budget deficit, with P36.7 billion accounting for interest payments alone while losses are expected to run up to P115 billion this year.
He said numerous non-government organizations have been clamoring for the audit of Napocor's finances, including its contract with the IPPs from where it has been sourcing the electricity due to inconsistencies on the part of the power producers.
Records showed an investigation of these contracts was conducted last 2001, after the negotiations were through, Napocor's declared P4 billion loss rose to P34 billion after a year.
Napocor recently petitioned for a rate hike 98 centavos to recover operating cost which the Energy Regulatory Commission approved.
The rate hike will recover its lost income when President Arroyo reduced its Purchased Power Adjustment.
(September 17, 2004 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
|
