Omeco to pay P65M to OMCPC

THE Occidental Mindoro Electric Cooperative Inc. (Omeco) passed a resolution on May 28 to pay P65 million to its power supplier Occidental Mindoro Consolidated Power Corp. (OMCPC) to avert long hours of power interruptions in the province.

Omeco has agreed to partly pay the long-overdue power generation subsidy to OMCPC which has now risen to P153.2 million. This power generation subsidy was Omeco's penalty slapped by the Energy Regulatory Commission (ERC) way back in 2014 when it failed to conduct a competitive selection process for the procurement of a cheaper power supply agreement preferably with a geothermal supplier.