NEA empowers electric cooperatives with P934.5 million in loans

State-run National Electrification Administration (NEA) has extended financial support to 24 electric cooperatives (ECs), providing loans totaling P934.56 million as of October 31.

According to NEA’s Accounting Management and Guarantee Department (AMGD), P449.71 million was allocated to fund the capital expenditures of 18 ECs, including three electric distribution utilities in Luzon.

In both Visayas and Mindanao, five and 10 ECs, respectively, secured capex loans.

ECs also secured loans totaling P422 million for their working capital.

NEA, through its Enhanced Lending Program, continues to offer financial assistance to power co-ops.

It has already surpassed its targeted peso releases of P700 million for the year.

Advocacy group calls out ERC on Meralco’s rate extension

The National Association of Electricity Consumers for Reforms Inc. (Nasecore) has criticized the Energy Regulatory Commission for permitting bilyonaryo Manny Pangilinan-led Manila Electric Company to charge consumers the provisional interim average rate of P1.3810 per kilowatt hour from July 2016 to the present.