NEGROS Electric and Power Corp. (NEPC) has received approval from President Ferdinand R. Marcos, Jr. for its franchise to manage and operate the electricity distribution system in Central Negros, the Razon-led company announced on Tuesday.
“We now have the law. It’s time to walk the talk,” NEPC President and Chief Executive Officer Roel Z. Castro said in a statement.
Mr. Marcos signed Republic Act No. 12011 on July 26, just before it would have automatically lapsed into law.
The legislation, which originated in the House of Representatives, was introduced by Representatives Joseph Stephen S. Paduano, Jose Francisco B. Benitez, Juliet Marie D. Ferrer, and Greg G. Gasataya.
The bill was approved by the House of Representatives on Feb. 21, amended by the Senate on May 20, and then returned to the House for further concurrence on May 22, before being submitted to the Office of the President.
NEPC is a joint venture between Primelectric Holdings, Inc. and Central Negros Electric Cooperative.
Its franchise covers power services to cities like Bacolod, Silay, Talisay, and Bago, as well as the municipalities of Murcia and Don Salvador Benedicto.
NEPC is a sister company of distribution utility More Electric and Power Corp. (MORE Power), which serves Iloilo City.
NEPC and MORE Power are units of Primelectric controlled by Enrique K. Razon, Jr.
NEPC said it has allocated an initial capital of P2 billion for a five-year plan “to rehabilitate and modernize the electric infrastructure, aiming to establish a robust distribution system.”
“We seek your continued support and cooperation as we commence the five-year journey of continuous rehabilitation to enhance the system and minimize instances of unscheduled power interruptions,” Mr. Castro said.
NEPC said it will apply for a certificate of public convenience and necessity from the Energy Regulatory Commission to commence commercial operations. — Sheldeen Joy Talavera
