Ceneco debts reach P613 million as of June 2023

By Dolly Yasa

BACOLOD City – Central Negros Electric Cooperative (Ceneco) general manager Atty. Arnel Lapore confirmed that the debts of the electric cooperative have reached P613,124,390.81 as of June 2023.

Based on data that Lapore shared with Daily Guardian Wednesday, Ceneco’s loans from the National Electrification Administration (NEA) totaled P62,897,773.65.

Loans from banks totaled P181,029,022.27 while bill deposits (which are refundable to consumers) amounted to P277,489,144.98. The retirement fund arrears totaled P37,708,449.91 and security bond to Kepco Salcon Power Corp at P54 million.

Lapore said that as of May 31, 2023, Ceneco’s system loss (electricity lost to technical reasons and pilferage) is 10.48%.

He said the cooperative is losing P15 million monthly while the accumulated losses are P60.8M

NEA categorization for Ceneco in 2021 was Triple A but it was downgraded to Single A in 2022.

Because of its debts, the cooperative has not allocated funds for capital expenditure since 2011 which could have been used for the rehabilitation and upgrading of its facilities.

Ceneco’s franchise will expire in 2030.

Data also showed that 40% of the Distribution Charge collection goes to the salaries and bonuses of more than 400 employees.

Lapore earlier said that the Joint Venture Agreement with Primelectric Holdings Inc. is a needed shot in the arm for Ceneco.

He also said that the cleansing of the voters’ list has already started and may last for 60 days.

Earlier, the National Electrification Administration granted the request of local chief executives under the franchise area of Ceneco to temporarily suspend the plebiscite on the JVA in order to cleanse the voters’ list.