Capitol to collect revenue share from power generators

CEBU, Philippines —  Power generation companies in Cebu have agreed to finally give a share of their revenues to the province as prescribed under the Energy Regulation No. 1-94.

 Under the regulation, power generators are required to give its host province one centavo for every kilowatt hour of power generated.

A memorandum of agreement between the province and the five power generation companies in Cebu is set to be signed next week.

Governor Gwendolyn Garcia said that First Toledo Solar Energy Corp (FTSEC), Korean Electric Power Corp (KSPC), Bantayan Island Power Corp (BIPCOR), Global Business Power, and Aboitiz Power Corporation have already agreed to enter into a MOA with the Capitol for the purpose.

“They’re all aware that under the amended ER 1-94, we are supposed to enter into a memorandum of agreement and the provincial treasurer will open two separate trust accounts to receive the province’s share of the one centavo per kilowatt hour niining mga generating companies,” Garcia said.

Garcia said she already tasked the Provincial Treasurer to open two trust accounts per power generator.

The Provincial Board is set to pass a resolution on Monday authorizing the governor to enter a MOA with the said companies. The MOA signing is set on Friday, November 29.  FPL (FREEMAN)