New management trims Akelco debt to P50-M

The new management of Aklan Electric Cooperative (Akelco) has trimmed down the power co-op’s obligations from P135 million to only P50 million, the Department of Energy (DOE) reported yesterday.

Following reports of widespread corruption, the National Electrification Administration (NEA) installed in April 2002 a team to temporarily take over the operations of Akelco.

Two months later, a new set of officers was sworn in and assumed management of the co-op which is the major power distributor in Aklan province including the famous resort island of Boracay.

In a meeting Monday night with, resort owners, tour and hotel operators, residents and civic organizations, President Arroyo said Akelco’s outstanding performance in only one year showed strong resolve between the government and private sector to weed out corruption in the government’s rural electrification program as well as provide electric consumers with quality service.

Energy Secretary and NEA chairman Vincent S. Perez also commended the Akelco management for providing reliable and efficient power service to consumers especially in the Boracay beach resort, a major tourist destination in the country.

Akelco general manager Eric Bucoy attributed the current financial standing of the company to improved collection efficiency which has reached 98 percent, with current monthly collection reaching P26 million to P29 million.

With an improved collection efficiency, Bucoy said Akelco has been able to meet its financial obligations to Napocor, NEA and its material suppliers.

In March 2002, the National Power Corp. (Napocor) was forced to disconnect power service in Aklan for two days because of its failure to pay its obligations amounting to P135 million.

According to Bucoy, Akelco has paid P30 million in liabilities to its suppliers.

Bucoy said the electric cooperative’s systems loss has also improved to only 16.48 percent from a high of 23 percent in previous years.

He said the recent completion of the rehabilitation works of the co-op’s distribution lines and commissioning of new substation helped cut systems losses as well as improved reliability of power supply in the area. – Donnabelle Gatdula