Razon group investing P1B to fix Bohol’s electricity supply
ILOILO CITY—MORE Electric and Power Corp., the power distribution business of the Razon Group in this province, is investing about P1 billion to improve power services in Bohol.
“For Bohol, the investment should be … perhaps a billion would be more or less doable in the next four years because Bohol is not as big as Ceneco (Central Negros Electric Cooperative Inc.),” MORE Power president and CEO Roel Castro said in a chance interview.
Cebu-based listed firm SPC Power Corp. divested its stake in Bohol Light Co. Inc. (BLCI) to MORE Power affiliate Primelectric Holdings Inc. for P199.5 million. The transaction, which materialized in April this year, involved the acquisition of 29.92 million common shares in BLCI for P6.67 apiece.
Incorporated in 2000, BLCI is engaged in the business of supply and distribution of electricity serving customers in Tagbilaran City.
“It’s not also as big as Iloilo, and I was looking at the system, it’s not totally damaged but it needs improvement definitely,” Castro said.
The amount would be used to install automatic circuit reclosers (ACRs), a self-contained device designed to ensure the continuity of electric service to customers. ACRs help interrupt the flow of electricity in a circuit when a fault occurs and subsequently recloses the circuit to restore power.
“Most of them (electricity distribution infrastructure) do not have ACRs … as I have pointed out, ACRs avert 98 to 99 percent of power outages. That one will immediately improve [power services],” he said.
Castro also said the firm would establish a helpline to address customer concerns or inquiries promptly.
“They (BLCI) are not that responsive … I mean if there is one thing that we really made sure on day one, it’s our response and you will see that now,” he added.
Meanwhile, Castro said MORE Power is all set to start delivering electricity services in Negros Occidental province within this month. Primelectric Holdings entered into a joint venture agreement with Ceneco last year.
