By Myrna M. Velasco
Published: June 27, 2013
Albay Electric Cooperative (ALECO) was warned anew on supply disconnection if it cannot settle its dues for supply sourced from the Wholesale Electricity Spot Market.
In a letter to ALECO acting general manager Veronica T. Briones dated June 18, 2013, Philippine Electricity Market Corporation (PEMC) president Melinda L. Ocampo noted that based on WESM records – up to that date, the electric cooperative has an outstanding arrears of P19.942 million, exclusive of value added tax.
The electricity spot market operator also pressed ALECO to settle other billed amounts for its supply purchases, totaling P99.629 million (VAT-exclusive), which is due this June 25.
The electric cooperative was fiercely required to comply with its imposed due date, otherwise, it could face supply disconnection and this will be to the detriment of its customers who may suffer power outages.
As of press time, the PEMC chief executive disclosed that ALECO already made “partial payment”, but “we are still assessing the amount paid versus outstanding obligation.” This will then prompt the market operator if it will still pursue the electric cooperative’s supply cut-off.
Ocampo further reminded ALECO that it “is currently suspended in the WESM with a request for disconnection pending with the National Grid Corporation of the Philippines.”
In a text message, Ocampo explained that there is no schedule for disconnection yet. “The letter we issued was just a warning that if they can’t pay their current account, then we will revive our request for disconnection.”
In the letter, the PEMC president similarly reiterated that “given the exposure of the WESM trading participants to any default of ALECO, the failure of ALECO to settle both its arrears in the amount of P19,942,327.29 and P99,629,003.84 on 25 June 2013, shall constrain us to immediately follow up our request for disconnection with NGCP.”
Ocampo added “please consider this as a formal demand for ALECO to ensure that its payment is made by 25 June 2013.”
It was gathered from industry sources that aside from the currently demanded payments for WESM, the total debts of ALECO to power suppliers already hovered at P1.0 billion as of last year.
The government is trying to step in to help improve ALECO’s financial and management capabilities, but a pending legal suit has impeded moves leading to the electric cooperative’s operational restructuring. source
In a letter to ALECO acting general manager Veronica T. Briones dated June 18, 2013, Philippine Electricity Market Corporation (PEMC) president Melinda L. Ocampo noted that based on WESM records – up to that date, the electric cooperative has an outstanding arrears of P19.942 million, exclusive of value added tax.
The electricity spot market operator also pressed ALECO to settle other billed amounts for its supply purchases, totaling P99.629 million (VAT-exclusive), which is due this June 25.
The electric cooperative was fiercely required to comply with its imposed due date, otherwise, it could face supply disconnection and this will be to the detriment of its customers who may suffer power outages.
As of press time, the PEMC chief executive disclosed that ALECO already made “partial payment”, but “we are still assessing the amount paid versus outstanding obligation.” This will then prompt the market operator if it will still pursue the electric cooperative’s supply cut-off.
Ocampo further reminded ALECO that it “is currently suspended in the WESM with a request for disconnection pending with the National Grid Corporation of the Philippines.”
In a text message, Ocampo explained that there is no schedule for disconnection yet. “The letter we issued was just a warning that if they can’t pay their current account, then we will revive our request for disconnection.”
In the letter, the PEMC president similarly reiterated that “given the exposure of the WESM trading participants to any default of ALECO, the failure of ALECO to settle both its arrears in the amount of P19,942,327.29 and P99,629,003.84 on 25 June 2013, shall constrain us to immediately follow up our request for disconnection with NGCP.”
Ocampo added “please consider this as a formal demand for ALECO to ensure that its payment is made by 25 June 2013.”
It was gathered from industry sources that aside from the currently demanded payments for WESM, the total debts of ALECO to power suppliers already hovered at P1.0 billion as of last year.
The government is trying to step in to help improve ALECO’s financial and management capabilities, but a pending legal suit has impeded moves leading to the electric cooperative’s operational restructuring. source
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