3 Bicol electric coops warned over unremitted collections

MANILA (Bicol Standard)—Camarines Sur III Electric Cooperative Inc. (CASURECO III) topped the list of eleven delinquent electric cooperatives in the entire country that failed to remit its collection of Universal Charges to the Power Sector Assets and Liabilities Management Corp. (PSALM).

According to PSALM, Casureco III, which services the Rinconada area in Camarines Sur, has an unremitted amount totaling to P66.281 million.

Apart from Casureco III, also in the list of delinquent cooperatives are Albay Electric Cooperative Inc. (ALECO) and Masbate Electric Cooperative Inc. (MASELCO).

Demand letters were sent to these electric cooperatives that were told to remit the charges on or before the 15th day of the succeeding month.

The directors and officers of said coops were also warned that they could face imprisonment of two years and/or a fine of double the amount of damages.

The Universal Charge is collected by distribution utilities to cover the recovery of stranded debts, stranded contract costs of the National Power Corporation and other mandated purposes under the Electric Power Industry Reform Act of 2001 (EPIRA).