The National Electrification Administration (NEA) has extended P450.66 million loans to 16 electric cooperatives as of end-May.
NEA said P225.81 million was used for the capital expenditure projects of 13 ECs. Four ECs availed working capital loan amounting to P162 million.
Misamis Oriental I Rural Electric Service Cooperative borrowed P12.85 million for a modular generator set while the Lanao del Norte Electric Cooperative availed a P50 million short-term credit facility.
NEA offers financial assistance to ECs through its enhanced lending program which consists of regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator set loans.
Meanwhile, NEA also reminded ECs to counter-check and validate power bills from power suppliers.
The agency, through Regulatory Advisory No. 2023-004 dated June 5, reminded ECs that under the Electric Power Industry Reform Act of 2001, they are mandated to supply electricity in the least cost manner.
NEA said ECs must also validate and verify pass-through generation charges billed by contracted generation companies which are then passed on to their member-consumer owners.
