The Central Negros Electric Cooperative, has been directed by the Energy Regulatory Commission to refund its consumers P7.667 million starting this month, officer-in-charge-general manager Henry Sia, said yesterday.

The amount represents the over-recovery in its Power Purchased Adjustment over an eight-year period.

The directive is contained in the ERC order dated February 16 which states that the amount is equivalent to PhP0.0031 per kilowatt hour, CENECO said in a press release.

The order also states that the refund should continue until the full amount is refunded to the consumers.

The over-recovery of CENECO in its PPA was incurred from February 1996 to January 2004.

CENECO said the ERC also directed its management to submit, within ten days from its initial implementation of the refund, a sworn statement indicating its compliance with the directive.

It will also reflect the PPA refund as a separate item in the bill using the phrase "Previous Years Adjustment on Power Cost," it said in the press release.

The ERC also ordered CENECO to accomplish and submit a report on or before January 30 of the succeeding year and every year thereafter until the amount has been fully refunded, it added.*NLG

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