THE Cagayan II Electric Cooperative, Inc. (Cagelco II) said the outstanding refund balance to its member-consumers as of March was P20 million.
This clarification came after Energy Regulatory Commission (ERC) Chairperson Monalisa C. Dimalanta said in July that the refund balance amounted to P20 billion.
In a letter from the ERC dated Aug. 6, signed by Ms. Dimalanta and provided by Cagelco II to BusinessWorld on Monday, the company had an outstanding balance of P20.42 million as of March.
This was part of the P27.27-million refund directed by the ERC after approving, with modifications, Cagelco II’s filings for over/under recoveries from January 2011 to December 2016, totaling P37.78 million.
“The Commission has verified Cagelco II’s submission and compliance with the decision. As of March 2024, the outstanding balance to be refunded was P20 million and not P20 billion,” Ms. Dimalanta said.
As of June, Cagelco II is implementing its refund process and has a remaining balance of around P10.25 million for refund to its member-consumers.
Cagelco II, one of two electric cooperatives in Cagayan, covers the northern municipalities of Aparri, Camalaniugan, Lallo, Abulug, Ballesteros, Gattaran, Allacapan, Lasam, Sta. Ana, and Gonzaga.
The areas also include Buguey, Sta. Teresita, Sta. Praxedes, Sanchez Mira, Pamplona, Claveria, and parts of Sto. Niño. It also provides electricity services to the lone districts of the municipality of Apayao. — Sheldeen Joy Talavera