We are capable, says MORE Power
- TBN News
- Oct 4, 2018
- 3 min read
MORE Electric and Power Corp. (MORE Power), formerly MORE Minerals Corp. (MMC), assured Ilonggos that it is technically and financially capable to distribute power in Iloilo City.
Facing the local media for the first time since its franchise application came into public view, the company downplayed apprehensions that it has no experience in power distribution, considering that it was a mining company.
Roel Z. Castro, MORE Power president and chief executive officer, reported that on Sept 21, 2018, the Security and Exchange Commission (SEC) has approved its new name More Electric and Power Corp.
“The information that has reached you is that the company that applied for the franchise was MMC. But its primary purpose has already been amended – from mining to electric distribution,” Castro said in a press briefing held at Grand Xing Imperial Hotel on Oct 2.
Castro also introduced the initial personnel comprising the management who have expertise and exposure in the mining industry.
The team includes Amador T. Guevarra, chief operating officer; Ed Ceraspe, chief technical officer; and Atty. Cyril del Callar, legal counsel.
Gueverra is currently the general manager of one electric cooperative with over 200,000 connections. He was part of the management team of the takeover of one electric cooperative in Mindanao.
Ceraspe was with the National Grid Corp. of the Philippines (NGCP). He was assigned in the Panay-Negros area and is familiar with the terrain.
“If we talk of technical and operational capabilities, I think we have it,” Ceraspe said.
Castro said their financial resources are also stable, with P2-billion as its capital. Its mother company, Monte Oro Resources and Energy Inc. (MORE) owned by businessman Enrique K. Razon, is the same company that took part in the privatization of the National Transmission Corporation.
“It’s the same set of shareholders that we have that was part of the National Grid Corporation of the Philippines that won the bid for US$3.95 billion,” he said.
Castro said it is too early to presume that they will bag the franchise, thus, they have yet to put up its facilities.
In the meantime, they are negotiating with Panay Electric Company (PECO), the existing power distributor in Iloilo City, for “just compensation of its assets” in case MORE Power bags the franchise.
He added that they are ready to open its books to the public by becoming a publicly-listen firm.
“We are transparent. We are not averse to be open to public,” he said.
Castro reported that as of Oct 2, the House of Representatives committee on legislative franchises has approved their application on second reading.
PECO has also applied for the renewal of its 25-year franchise which will expire January 2019.
WHY ILOILO?
Castro said he has been in and out of Iloilo for around six to seven years and he sees that there is a need to improve the power system in the area.
Castro is the former president and CEO of Palm Concepcion Power Corporation which operates a 135-megawatt coal-fired power plant in Concepcion town in Iloilo. He is currently a member of the board of directors.
“From the physical standpoint, I know that there is a lot of improvement that would be introduced. So why not apply and if we will be given the franchise then let’s do a real honest-to- goodness improvement that could be done,” he said.
Castro recognized the apprehension of the possible transition but he assured Ilonggos of the best service from the firm like addressing the issue on overbilling and bringing down rates.
“As much as possible we want it to be smooth and we will do the best that we can. At the end of the day the regulators will make sure that the service to consumers is not compromised,” he said.
SOURCE: The Daily Guardian
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