NEA to help bail out Albay power co-op

MANILA, Philippines - The National Electrification Administration (NEA) will help in bailing out the debt-ridden Albay Electric Cooperative (Aleco) as it designated a four-man management team to take over the embattled power utility following the mass resignation of its board of directors.

 “The team shall implement specific work programs to improve the operations of the cooperative, and in collaboration with the provincial and local officials, crisis committee and concerned government and private organizations, to secure an acceptable payment scheme on its obligations to power suppliers,” NEA administrator Edita Bueno said.

Bueno said the dispatch of the team is also in response to a joint resolution of the Municipal Mayors’ League and the League of Cities of the Philippines-Albay Chapter passed on Feb. 9.

The resolution “called for the voluntary resignation of all members of the Aleco board of directors and its management officials”.

Aleco, the lone electric distribution utility in the province of Albay, risks the disconnection of its power supply from the main grid due to its failure to meet its financial obligations with Philippine Electricity Market Corp. (PEMC) and the National Grid Corporation of the Philippines (NGCP).

Bueno said the team will oversee the operations and management of Aleco to ensure the continuous delivery of electric service to member-consumers.

It would be in-charge of signing checks, withdrawal slips and other banking transactions.

The team, she added, will perform other tasks that may be assigned for the purpose of operational efficiency.