Bilyonaryo - Business

NEA eyes financial aid for Lanao del Sur electric cooperative

The National Electrification Administration (NEA) is looking at extending financial assistance to Lanao del Sur Electric Cooperative (LASURECO) which owes the Power Sector Assets and Liabilities Management Corp. (PSALM) nearly P13 billion.
LASURECO’s failure to settle its obligations to PSALM has forced the gency to disconnect the EC from the Agus hydro facility.
“I will bring the matter to the NEA Board of Administrators (BOA),” NEA administrator Emmanuel P. Juaneza said.
LASURECO earlier said it was committed to settle its obligations to PSALM.
In connection with LASURECO´s letter of commitment to PSALM, the Local Government of Lanao del Sur requested PSALM to defer the disconnection of supply to the electric cooperative in the interest of its constituents.
PSALM said the continuous supply of electricity to LASURECO without any indication on who will pay PSALM for such electricity is detrimental and extremely unfair to PSALM, to the government, and to all other electricity consumers who are dutifully paying for their electricity.