Electric consumers in the entire coverage area of the Negros Oriental 2 Electric Cooperative are entitled to a refund based on the Loan Condonation Rate Reduction program.

NORECO 2 finance officer Dionefred Macahig said the amount to be refunded amounts to P24,398,313.72 from July 2004 to January 2006.

The probationary rate reduction scheme was placed at P0.1981 centavos while the final rate reduction formula is now pegged at P0.3261 centavos which is to be implemented for the next two years. The bill reduction scheme stemmed from the condonation of loans of all cooperatives throughout the country under the Electric Power Industry Reform Act of 2001 (RA 9136) whose main objective is to reduce the rates.

With the EPIRA law, debts of 119 cooperatives nationwide were assumed by the Power Sector Asset Liabilities Management Corporation and entitles the consumers the refund they need. Since the establishment of NORECO 2 in 1977 it had an accumulated debt of P105,513,813.55 from the National Electrification Administration up to June 26, 2001.

From July 2004 to Jan. 2006, power bills of electric consumers were reduced by P0.19 centavos per kilowatt hour and the latest is to increase the adjustment to more than P0.32 centavos.*JG

back to top