The Central Negros Electric Cooperative (CENECO) has received 2 unsolicited proposal from 2 big electric companies for a joint venture undertaking.
The offer were from MORE Electric and Power Corporation, an electric distribution utility provider in Iloilo, and Meralco- the largest private sector electric distribution utility company in the Philippines covering 38 cities and 73 municipalities.
According to CENECO manager Atty. Arnel Lapore the goal of the joint venture is to address the financial and operational requirements of Ceneco.
The joint venture is still subject to the review of the National Electrification Administration (NEA), which is the government agency responsible for overseeing the operations of electric cooperatives in the Philippines.
Both proposals were sent to NEA last week for comment and guidance.
The NEA will review the proposed joint venture to ensure that it complies with regulations and is in the best interests of CENECO and its consumers.