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Laneco Inks P259 M Loan with NEA for RE Projects

The Lanao del Norte Electric Cooperative, Inc. (Laneco) has inked a P259 million loan with state firm National Electrification Administration (NEA) to fund its rural electrification projects for five years.

The loan signing coincided with the blessing and inauguration of Laneco’s Administration and Engineering buildings in the Laneco Energy Center in Sagadan, Poblacion, Tubod , Lanao del Norte last April 29, 2010. Administrator Edita S. Bueno was guest of honor during the ribbon cutting ceremony where she was assisted by Laneco General Manager Resnol Torres.

The loan is intended to finance the rehabilitation, revamp and upgrading of distribution lines; construction of power substation; acquisition of 69-KV sub-transmission line; and procurement of logistics and non-electrical projects.

Terms of the loan include 9% per annum interest rate; 12% default charge per annum; 15 years repayment period with a maximum of one year grace period; and subject to accelerated repayment scheme.

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NEA Loans P116 M to Moresco I for power substations

In an effort to mitigate the current problem on power supply and avert future power crisis, the construction of P116 million worth of three power sub-stations are to be constructed in the Province of Misamis Oriental and City of Cagayan de Oro.

The National Electrification Administration (NEA), represented by Administrator Edita S. Bueno, has signed a Memorandum of Agreement (MOA) with the Misamis Oriental I Rural Electric Service (Moresco I), represented by General Manager Julie B. Real and Moard President Bernard Benavidez, last April 28, 2010. The agreement was to finance the construction of 10 MVA Substation and sub-transmission and primary distribution lines in Canituan in Cagayan de Oro City; Barangay Moog in the Municipality of Laguindingan and Brgy. Quibonton in El Salvador, both in Misamis Oriental. The loan is also to fund the acquisition of 21,654 electronic kilo watt hour meters; logistics/non-electrical projects; Energy Regulatory Commission (ERC) capital expenditure application fee and processing fee.

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First Single Digit Systems Loss in Mainland Luzon

The single digit systems loss of Electric Cooperatives (ECs) is the aim of the national government by 2010. To this end, the National Electrification Administration (NEA) came up with a system loss reduction program for its partners, the 119 ECs, in order to lower the national level of ECs’ systems losses. The target for the year 2007 is 14%, 13% for 2008, 11% for 2009, and 9% by 2010. A savings of about P670 million a year is gained for every 1% reduction in ECs’ systems losses. The Tarlac I Electric Cooperative, Inc. (TARELCO I) is the first EC in mainland Luzon to have lowered its systems loss to single digit in 2006. And the cooperative has maintained the single digit for 2007 at 9.55%. From as high as 17.68% systems loss in 2000, TARELCO I has lowered its systems loss dramatically in a span of seven years, demonstrating its strong commitment in responding to the call of government to attain the single digit target by 2010.

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