Miss Sylvette Rose Pepanio, financial analyst of SOCOTECO, assured the consumers that there will be no increase in reinvestment fund rate when the 185M Capex Project is approved. In a hearing conducted by the Energy Regulatory Commission on April 3, she said that the existing rate plus the savings is enough to pay the proposed 185M loan to finance the project. She also recommended that the payment to be sourced from National Electrification Administraion (NEA) shall be on a term of 10 years at 8% per annum.
The CAPEX Project cost is Php 185, 108, 186 which includes: (1.) 2-35 MVA/43.75 MVA substation-Php 125, 208, 186.00 (2.) 2 units 69kV Circuit Breakers 4,900,000.00 (3.) New Main Office Building-Php 55,000,000.00.
With the projected annual increase of 5.87% in the City's demand of power, the substations will be constructed to avoid overloading of some stations which could cause brownouts. As of the present four out of 16 substations are overloaded.
The hearing was presided by Commissioner Gloria Victor C. Yap-Taruc of Energy Regulatory Commission. Representatives from different sectors and residential consumers attended the event.
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