THE ENERGY Regulatory Commission (ERC) has issued two separate orders to electric cooperatives (ECs) based in Camiguin and Bukidnon to stop collecting additional charges related to the reinvestment fund for sustainable capital expenditures (RFSC).
The fund seeks to finance the amortization or debt incurred by power providers in expanding, restoring or upgrading their power systems in line with their capex plans approved by the regulator.
In a statement Monday, the commission said Camiguin Electric Cooperative, Inc. (Camelco) did not comply with an earlier order to submit a third-party audit report on its additional RFSC fees, while Bukidnon Second Electric Cooperative, Inc. (Buseco) has yet to submit an update on its additional RFSC collected from August 2014 up to the present.
“In view of the said directive… Camelco’s RFSC rate shall be pegged at P0.5324 per kilowatt-hour (/kWh), while Buseco’s RFSC shall be pegged at P0.2508/kWh until further notice of the Commission,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said.
Under an ERC resolution issued in 2009, ECs are required to collect their member-consumers’ contributions which will cover their respective RFSCs.
Ms. Devanadera said the commission will closely monitor Camelco and Buseco’s compliance.
“Their failure to comply with the said directives shall constrain the commission to impose the appropriate sanctions, if warranted,” she added.
Earlier this year, ERC announced it has hired professional services firm Reyes Tacondong & Co. to conduct an independent audit on how ECs are collecting and disbursing the RFSC.
Reyes Tacondong & Co. previously won the ERC’s bid for consulting services on the fund. — Angelica Y. Yang