CEBECO III seeks ERC approval to get P163M loan

CEBU, Philippines - The Cebu Electric Cooperative III has asked for an authority from the Energy Regulatory Commission to secure a P163 million loan to finance various projects within its franchise area.

CEBECO III said these projects are necessary to enhance its capability to provide dependable and quality electric service to its consumers in Toledo City, Balamban, Pinamungajan, Aloguinsan and Asturias.

The ERC has set on April 8, 2014 at 10 a.m. the jurisdictional hearing, expository presentation, pre-trial conference, and evidentiary hearing on the matter.

The projects include the construction of 20MVA substation in Toledo City, 1.2 km Toledo Circuit, 69 kv sub-transmission line, Lutopan 22km, 69kv sub-transmission line, and 69kv disconnect switches, Lutopan 10MVA substation, and new Toledo commercial feeder.

Installation of automatic voltage regulator, installation of capacitors, line upgrading and distribution transformers as well as acquisition of vehicles, test equipment, tools, meter reading equipment, among others.

CEBECO III said in its petition that its present facilities and equipment are inadequate to meet the current increase in power demand, thus, overloading is imminent which will result to power interruptions and decline in power reliability.

“The need for immediate improvement by providing additional or new facilities is the only solution to prevent an imminent decline in its power service and such urgent need/remedy is imperative and should necessarily be implemented,” the petition posted on the ERC website read.

The petition added that considering that ERC has several applications to resolve, CEBECO III is asking for a provisional authority to immediately secure the needed financing. (FREEMAN)