Power firm awaits ERC nod on P1 billion capex for 2015

CEBU, Philippines – The Visayan Electric Company (Veco) has applied to the Energy Regulatory Commission for the approval of its P1 billion capital expenditure (capex) projects for 2015 to improve its distribution services in Cebu.

Lawyer Owlette Christine Jill Verallo, head of Veco’s Reputation Enhancement Department, said yesterday the ERC has not yet approved the application which was dated June 1, 2015.

Verallo said they could not tell yet as to when the ERC would approve the company’s request.

“There will be a hearing date pa to be set by ERC,” Verallo said in a text message. “The timelines are really dependent on ERC’s schedule.”

She added they have not yet received any word from the power regulator on the hearing schedule.

Veco said it wants to implement a total of 18 projects estimated to cost about P1.062 billion, to be funded by long-term loans which the company plans to secure.

The capex projects for 2015 “are indispensable for the systematic and economic expansion and rehabilitation of Veco’s distribution facilities and ensuring compliance with safety, performance and regulatory requirements,” Veco said in the petition, a copy of which was furnished to the media yesterday.

The distribution utility added: “It will ultimately benefit customers in terms of continuous, reliable and efficient power supply.”

Veco distributes electricity in the towns of Consolacion, Minglanilla, San Fernando and Lilo-an and cities of Naga, Talisay, Cebu and Mandaue.

It is the second largest distribution utility in the Philippines after Manila Electric Company (Meralco).

Veco is jointly owned and managed by listed companies Aboitiz Power Corp. and Vivant Corp. which are both engaged in the power industry.

Show comments