The Majority of CENECO consumers have approved the Joint Venture Agreement (JVA) with Primelectric/Negros Power, with 98,591 votes in favor, or 55.53% of the total votes cast. This was the outcome of the six-day Plebiscite, which ended on August 27, 2023. The last days of voting will be on September 2 and 3.
The JVA received 98,591 votes or 55.53% of the total votes cast. The result is more than the required majority of 50% plus one vote.
A total of 105,490 votes were cast in the Plebiscite, with 6,899 votes against the JVA.
June 24:
- YES – 13,587
- NO – 3,748
June 25:
- YES – 8,087
- NO – 2,319
Aug 19:
- YES – 24,641
- NO – 284
Aug 20:
- YES – 21,247
- NO – 250
Aug. 26:
- YES – 25,245
- NO – 116
Aug. 27:
- YES – 5784
- NO – 137
The JVA is intended to help CENECO pay its debts and obligations to consumers, upgrade and modernize its facilities, reduce the incidence of unplanned power outages, speed up the response time to consumer line problems, shorten the process of connecting to the power grid, and reduce system losses and electricity prices.
The JVA proponents conducted an effective information, education, and communication campaign over the past three months. The information campaign has made many consumers understand the benefits this partnership between CENECO and Primelectric/Negros Power will bring.
CENECO and Primelectric signed the JVA on June 3, 2023. It is now up to the Energy Regulatory Commission (ERC) to approve the JVA.
The following are some of the key points of the JVA:
- CENECO will retain a 51% stake in the joint venture company.
- Primelectric/Negros Power will own the remaining 49% stake.
- The joint venture company will operate and maintain CENECO’s power distribution system.
- CENECO will receive a share of the profits from the joint venture company.
- The JVA is expected to last for 25 years.
A New Chapter for CENECO
As of August 27, 2023, the energy landscape in the region is about to be reshaped as CENECO prepares for transformative changes. Consumer approval of the Joint Venture Agreement signals a turning point in our journey and affirms our unwavering commitment to growth, innovation, and consumer-centric operations. This decision is a clear indication of our exciting potential for the future.
The next step is for the ERC to approve the JVA. If the ERC approves the JVA, it will be a significant milestone in improving the power supply in Negros Occidental.
Learn more about Primelectric-CENECO JVA:
JVA with Primelectric/NEPC Gains 91% Votes from CENECO Consumers
Primelectric to Follow MORE Power’s Lead in Promoting Renewable Energy
Yes to JVA: Why Bacolod needs Primelectric-NEPC (Negros Power)?
How Primelectric-NEPC Can Bring “MORE Power” to Bacolod City
CENECO Bill Deposit Refund: Time to Claim Your Rightful Refund
CENECO-Primelectric JVA: Answers to Frequently Asked Questions
JVA with Primelectric/NEPC Gains 91% Votes from CENECO Consumers
