The First Catanduanes Electric Cooperative, Inc. (FICELCO) regained its Category “AA” rating recently following the final assessment conducted by the National Electrification Administration (NEA) of its overall performance for calendar year 2016.
The upgraded rating is a sharp improvement from its tentative “B” categorization, which was the same as the electric cooperative’s 2015 results. Of the 121 electric cooperatives in the country, 77 are secured “AAA” ratings from NEA, with FICELCO among the 10 with “AA” rating.
As a result, FICELCO was among the 97 electric cooperatives nationwide which were able to improve their rating to either AAA, AA or A, the memorandum issued by NEA Administrator Edgardo Masongsong stated.
In lauding the impressive performance of cooperatives last year, Masongsong encouraged them to address the eminent demand for lowering power rates and better services to the member-consumers and other stakeholders.
“Those which need further improvements in overall performance should re-assess existing programs and implement more aggressive strategies to address major problems and concerns,” the NEA chief urged.
In the Bicol region, the only “AAA” electric cooperatives are Camarines Norte Electric Cooperative (CANORECO), Camarines Sur Electric Cooperative I (CASURESO I) and CASURECO IV, with FICELCO the only other EC with an AA rating.
The other ECs with their respective final performance ratings are: Sorsogon Electric Cooperative II, “A”; CASURECO II, “B”; SORECO I and Ticao Island Electric Cooperative (TISELCO), “C”; and, CASURECO III, Albay Electric Cooperative (ALECO), and Masbate Electric Cooperative (MASELCO), all with identical “D” ratings.
For the previous year under officer-in-charge Engr. Peter Amaro, the Marinawa power co-op garnered a total rating of 95.50 percent in key performance standards covering financial, institutional, technical and reportorial aspects, while it got a total of 75% in EC Classification, for a total weighted score of 91.40 percent, much better than its 2015 score of 81.80%.
As to its 2016 size classification, FICELCO was 87th on the list as an Extra Large cooperative, based on average sales of P40.234 million, average connections of 52,532 and average circuit kilometers of lines of 1,357 for the last three years.
The good news is expected to figure well in the chances of OIC Amaro in the race of applicants for the permanent GM position, the deadline of submission of applications and supporting documents of which fell yesterday, April 11.