by Myrna Velasco
April 19, 2014
The operator of the Wholesale Electricity Spot Market (WESM) is stepping up collections of unsettled amounts on traded or procured electricity, primarily on some accounts with electric cooperatives.
In a summary of unpaid energy settlement amounts as of last month, the Philippine Electricity Market Corporation (PEMC) posted that its magnitude of collections hovered at P107.485 million.
While many of the past due amounts had been with the electric cooperatives, there are several private generation companies in the list with ‘unsettled amounts’ albeit marginal. Reasons for such past dues had not been provided.
These include settlements to be done by Therma Mobile, Inc., Panasia Energy Holdings, Inc., and 1590 Energy Corporation. The dues of Hedcor, Inc. at P48,730.32 and SPC Island Power Corporation at P54,235.22 had been cleared last March 26.
The listed electric cooperatives with WESM arrears include Leyte V Electric Cooperative, Tarlac I Electric Cooperative, Sorsogon I and II Electric Cooperatives, Isabela I Electric Cooperative, Camarines Sur II and III Electric Cooperatives, Biliran Electric Cooperative, Albay Eectric Cooperative, Aklan and Leyte III Electric Cooperatives.
Some in the roll are also industrial end-users such as Linde Philippines, Inc. and Philippine Associated Smelting and Refining Corporation (PASAR). The Olongapo Electricity Distribution Company Inc. was also in the list with P1.768 million dues.
ALECO, of which management and operations were recently transferred to the corporate vehicle of San Miguel Global Power Holdings Inc., has P24.407 million outstanding obligations with the spot market operator as of March 26.
Meanwhile, the payments of Leyte V Electric Cooperative, PASAR and Negros Oriental II Electric Cooperative were also cleared on March 26 and 27.
Strict enforcement of collections is expected of PEMC, although there had been circumstances when it had to relax some rules due to complaints on rate-impacts of volatile electricity spot market prices.