Tuesday, June 10, 2008 Ceneco gets P37M loan to boost efficiency By Gil Alfredo B. Severino
THE National Electrification Authority (NEA) has granted the Central Negros Electric Cooperative Inc. (Ceneco) P30-million revolving fund and P7.8-million medium-term loan to increase its service efficiency and to better managed fluctuations.
Ceneco president Roberto Montelibano said the P30-million revolving loan is to cover Ceneco's payment shortfall with the National Power Corporation (Napocor) to allow Ceneco to avail prompt payment scheme benefits, including a rebate pegged at three percent.
"Immediately, half of the three percent rebate is given back to the consumers. You can see that in your bills," Montelibano said.
He explained that the P30-million is slapped at one percent monthly interest but would only be used if needed and would be paid using Ceneco's daily collection.
The P7.8-million, on the other hand, is a 10-year-to-pay loan with a nine percent interest per annum.
"This will be used to purchase additional 5 megavolt-ampere (MVA) power transformer and for the construction of 69-kilovolt lines. If plans pushed through, Silay City would be the target (beneficiary) of this equipment, knowing that the City would eventually expand," Montelibano added.
He stressed: "there would be no additional increase in the monthly bill charge because the loan would be offset by the Ceneco coverage consumption."
Meantime, Ceneco general manager Jun Legarde said other than loans, there are non-financial plans in the offing to better manage fluctuations in Ceneco coverage areas.
Legarde explained there are two generator sets in Talisay City that would soon be rehabilitated, although he cannot give the exact capacity and the date of completion yet.
He added Ceneco would study the viability of property acquisitions, especially those properties where transmissions, posts and towers and vital installations are located.
"Many times, property ownership posed hindrance to immediate repair and adjustments of these installations thus worsening fluctuations and prolonging brownouts," Legarde said.
Legarde added that at present, Montelibano is negotiating with the Bernardinos of the Maricalum Mining who own a diesel-operated 39-megawatt power plant.
