Mayors of areas served by Central Negros Electric Cooperative support the proposed Joint Venture Agreement (JVA) between CENECO and MORE Electric and Power Corporation, Negros Occidental Vice Governor Jeffrey Ferrer said Sunday, May 28.
Ferrer pointed out that aside from Bacolod City, CENECO serves Talisay City, Silay City, Bago City, and Salvador Benedicto that are under the provincial government.
“All of the mayors agree with the joint venture, even the mayor of Bacolod”, Ferrer said.
Ferrer spoke at a public forum on the JVA attended by more than a thousand barangay leaders at the STI- WNU gymnasium in Bacolod City, as part of what he called an information dissemination campaign.
The barangay captains and kagawads at the forum expressed their support for the JVA, he said.
The barangays leaders will disseminate to their constituents who are Ceneco consumers the advantages of the JVA, which will provide them better services, Ferrer said
Roel Castro, More Power president and chief executive officer, said the approval of the JVA lies in the hands of the CENECO consumer-members through a referendum, which date will be decided by the CENECO Board and the National Electrification Administration.
It looks like it will be within this year, he said.
They need 50 percent of the votes plus one member of good standing for the approval of JVA, Castro said.
More Power will give a presentation of the proposed JVA before the Bacolod City officials on June 5, he said.
They are eyeing an investments asset purchase of P1.7 billion from CENECO, depending on how much its total distribution assets are, Castro said.
More Power is ready to invest P2 billion in the joint venture on day one, he said, with total investment pegged at P3.7 to P4 billion.*