The National Electrification Commission renewed Veco’s franchise on the condition that the power company must settle its dispute with shareholders.
In renewing Veco’s franchise, the Department of Energy, in a press statement, said it took into account the growing power deficit in the Cebu-Negros-Panay grid.
It also saw the need for Veco to provide sufficient power and reserve, the department added.
The new franchise will still go through a 180-provisional period to ensure that there is no power interruption and for Veco to resolve internal corporate issues which have hounded it in recent months.
Sen. John Osmeña has been exerting pressure on the Garcias, who control majority of the shares, to sell their stocks to the Aboitizes. The senator and the Aboitiz family are related by affinity.
The bid for stock shares between the Aboitizes and Garcias has been seen to have a negative effect on the company’s operations and prejudices consumers.
Veco has a total of 225,000 consumers in the province. — Freeman News Service