NEA stated Camarines Sur I Electric Cooperative, Inc. (Casureco I) and Zamboanga City Electric Cooperative, Inc. (Zamcelco) availed of the standby credit score loan facility for strength accounts totaling to P298.156M to bolster their creditworthiness with GenCos.
Meanwhile, three co-ops in Mindanao–Misamis Oriental II Electric Cooperative, Inc. (Moresco II), Agusan Del Norte Electric Cooperative, Inc. (Aneco) and Surigao Del Norte Electric Cooperative, Inc. (Surneco)–secured loans amounting to P207 million for the procurement of modular generator units [gensets] to deal with power lack inside the island particularly all through the summer months.
Moresco II also availed of a P131.6 million mortgage from NEA for the purchase of 5 units of 2- megawatt (MW) capacity modular gensets.
“As a part of NEA’s mandate, the enterprise has developed a credit assure program and facility for the ECs. This is to establish a electricity deliver guarantee to relaxed the power purchase of certified ECs in the Wholesale
Electricity Spot Market (WESM), Interim Mindanao Electricity Market (IMEM) or underneath a bilateral agreement with the GenCos or the NGCP,” NEA officer-in-charge Sonia B. San Diego stated in a declaration.
aggregate demand 