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What will happen if Casureco II can not pay P120-M security deposit?

Cbanga360.Net - The Bicol Street Journal

Published         1 Dec , 2014      12:21 pm          449 views.

2014_0906_CASURECO2

What will happen if Casureco II can not pay P120 million security deposit? This is not a time to speculate. Member- consumers of the electric cooperative very well know the dark consequence.

There is the strong and certain possibility that three of the five power wholesale suppliers of the Camarines Sur II electric cooperative will cut-off the power supply, of course.

The coop managment confirmed that collection efficiency of power bills has dropped to a significantly low of 68 per cent in Octoer 2014, a strong rebuke from their expectations of 95% efficiency if only to abet financial bottleneck.

The big three regular suppliers collecting include Bacon-Manito Geothermal Plant with P40 million, Masinloc Power with P50 million and Wholesale Electricity Spot Market with P30 million.

Ironic as it may, if the cooperative fail to settle the obligation a resulting penalty slapped by the suppliers wlll be absorbed by the consumers!

It must be recalled that CASURECO II’s new general manager assumed the post only on the second week of October filling the post of former OIC Rolando Pante.

The new management is facing extreme difficulty in ascertaining when the financial obligation will ever be settled. Collection efficiency of power bills is dropping even as the coop plans to launch the strategy of mass collection and disconnection of erring consumers.

The company’s finance group lists uncollected power bills amounting to P150 million, with consumers’ unpaid bills running up to six months. Some P72 million is collectible from the local government of Naga City, alone.

Among the top 100 delinquent consumers include big business establishments, prominent citizens and politicians. One business owner owes the coop P39 million.

Unless the coop management make a firm and effective collection strategy, all of the consumers in the service area will suffer the same dark consequence.

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