MORE Electric and Power Corporation

Last updated

MORE Electric and Power Corporation
Company type Public
Industry Power distributor
Founded2018
HeadquartersMORE Power Corporate Center, Quezon Street, City Proper, Iloilo City, Philippines
Key people
Roel Z. Castro, President and CEO
Owner Enrique K. Razon
Parent Prime Strategic Holdings, Inc.
Subsidiaries Primelectric Holdings, Inc.
Website www.morepower.com.ph

MORE Electric and Power Corporation, also known as MORE Power, is an electric power distribution company in the Philippines. It has been serving Iloilo City since 2019, following its controversial takeover of the private firm Panay Electric Company (PECO) as the city's sole power distributor. [1]

Contents

The name "MORE" is an acronym for Monte Oro Resources & Energy, Inc., [2] a subsidiary of Prime Strategic Holdings, Inc. (formerly known as Prime Metroline Holdings, Inc.) of billionaire Enrique Razon. [3]

History

MORE Power was founded in 2018 under the parent company of Prime Strategic Holdings, Inc. of Enrique K. Razon. On February 14, 2019, it was granted a 25-year power distribution franchise in Iloilo City signed by President Rodrigo Duterte, after Panay Electric Company (PECO)'s 97-year-long service franchise in the city expired earlier on January 18, 2019. [4] [5]

On July 30, 2022, MORE Power's proposed expanding its power distribution service in Iloilo province lapsed into law under Republic Act 11918, or the modified MORE Power franchise. The expansion of MORE Power’s service areas covered Alimodian, Leganes, Leon, New Lucena, Pavia, San Miguel, Santa Barbara, Zarraga, Anilao, Banate, Barotac Nuevo, Dingle, Dueñas, Dumangas, San Enrique, and Passi City. [6] [7] [8] [9] The service areas were previously served by Iloilo Electric Cooperatives (ILECO) I and III. [10]

Controversy

On February 2019 when President Duterte signed Republic Act 11212, MORE Power was granted a 25-year franchise to take over from PECO, whose own franchise had expired just weeks earlier in January 2019 after failing to secure an extension from Congress. [11] Following this legislative move, MORE Power swiftly initiated an expropriation case against PECO in March 2019 to legally acquire its distribution assets necessary for operating in Iloilo City. Despite PECO's objections, the Iloilo City Regional Trial Court, under Judge Emerald Requina-Contreras, issued a crucial writ of possession, allowing MORE Power to take over specified PECO assets. This court order paved the way for MORE Power to assume operational control over key infrastructure like substations, reassuring residents and businesses of uninterrupted service through proactive consumer support measures. [12] However, PECO has continued to challenge the legality of Republic Act 11212 and the court's decisions, maintaining a legal and regulatory standoff that underscores the complexities and stakes involved in the transition of electricity distribution services in Iloilo City. [13]

In 2020, the Supreme Court issued a final ruling that PECO could no longer operate Iloilo City’s distribution system, affirming that its franchise had lapsed. MORE Power was thereby established as the new distributor of power in Iloilo City [14]

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References

  1. ↑ "MORE ELECTRIC v. PANAY ELECTRIC COMPANY". lawyerly.ph. Retrieved August 4, 2022.
  2. ↑ "Monte Oro changes name, raises capital base to P1b". Manila Standard. October 4, 2018. Retrieved August 4, 2022.
  3. ↑ "About Us « MORE Power". MORE Power. Retrieved August 4, 2022.
  4. ↑ Jr, Nestor P. Burgos (February 19, 2019). "More Power granted 25-year distribution franchise in Iloilo City". INQUIRER.net. Retrieved October 12, 2022.
  5. ↑ "Supreme Court upholds MORE Power franchise". Daily Guardian. Retrieved September 17, 2020.
  6. ↑ "PAVIA FIRST TO ENJOY MORE POWER SERVICE; Cheaper power soon within reach". Panay News. August 3, 2022. Retrieved August 4, 2022.
  7. ↑ "Iloilo City power distributor to expand services to Iloilo's 15 towns and one city". Manila Bulletin. May 31, 2022. Retrieved August 4, 2022.
  8. ↑ "MORE Power expansion bill hurdles Senate 2nd reading closer to approval". Panay News. Retrieved May 25, 2022.
  9. ↑ "Modified law grants expanded coverage to power firm in Iloilo". CNN Philippines. Archived from the original on August 3, 2022. Retrieved August 3, 2022.
  10. ↑ "Razon firm expands power distribution in Iloilo". Manila Bulletin. August 2, 2022. Retrieved August 4, 2022.
  11. ↑ "'PECO FAILED ILOILO'". Panay News. November 23, 2018. Retrieved July 10, 2024.
  12. ↑ Lucas, Daxim L. (November 14, 2018). "Blackouts feared as fight for Iloilo electricity franchise heats up". INQUIRER.net. Retrieved July 10, 2024.
  13. ↑ Rivera, Danessa. "MORE Power takes over PECO". Philstar.com. Retrieved July 10, 2024.
  14. ↑ "SC upholds MORE Power's right to distribute power in Iloilo City". Power Philippines. May 27, 2021. Retrieved July 10, 2024.
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