(The Philippine Star) | Updated February 26, 2017 - 12:00am
MANILA, Philippines -
Earnings of state-owned National Power Corp. (Napocor) plunged 67 percent to
P1.6 billion last year from P4.9-billion in 2015.
Despite the decline,
Napocor president Ma. Gladys Cruz-Sta. Rita said the firm has booked a net
income for the past four years.
She added the company
made extra-ordinary gains in 2015 from the drop in fuel prices and “because we
granted pending prior years’ reimbursements.”
“The good financial
position of the corporation for 2016 is attributed to the corporation’s fiscal
prudence and good governance practices. The restructured tariff recovery
approach, more proactive recovery of the Universal Charge for Missionary
Electrification (UCME) and sustained high collection efficiency also helped in
maintaining our good financial standing,” Sta. Rita said.
In late 2014, Napocor
appealed before the Energy Regulatory Commission (ERC) for a restructured
tariff recovery approach to bring the gap between cost and revenue closer.
The ERC has then
provisionally approved the P0.1163 per kilowatt-hour (kwh) basic UCME from
P0.0454, though the total UCME remains at the same level of P0.1561 per kwh.
This gave Napocor a
greater fiscal muscle. It allowed them to fund most of the expenses using
current revenues.
Napocor’s sustained
collection efficiency also contributed the corporation’s finances which
improved to 98.38 percent last year from 85 percent in 2012.
“We owe our sound
collection efficiency to the dialogues we have been organizing with our
customers since the past three years. These dialogues paved the way for a
better and faster communication line and better services we give to our
customers,” Sta. Rita said.
For its prime mandate
of missionary electrification, Napocor was able to procure 56 new generating
sets with an aggregate capacity of 13.55 MW. These gensets were distributed to
47 Small Power Utilities Group (SPUG) power plants which allowed an enhanced
power supply in the islands.
Napocor likewise
extended the service hours of 26 SPUG plants, seven of which were given full 24
hours of operation. These are Itbayat and Sabtang in Batanes, Polilio in
Quezon, Araceli and Rizal in Palawan, Pilar Island in Cebu and San Antonio in
Northern Samar.
It also completed
transmission line projects namely the rehabilitation of the 87km 69 kV
Mamburao-Sablayan-Ligaya; 61.23 Km 69 kV Bansud-Mansalay, the extension of the
69 kV Mobo-Aroroy transmission lines, the 10 MVA Virac (Marinawa substation) in
Catanduanes and the 111-km 69 kV Puerto Princesa to Roxas transmission line in
Palawan.
Napocor has also
rehabilitated 1,881 hectares of open lands within its 11 watershed areas and
conducted mandatory safety inspections to its dams to ensure safety of
communities downstream, supporting its power generation.
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