The power firm is now ready to rollout new infrastructure to power the whole city of Iloilo.

MORE Electric and Power Corp. (MEPC), a subsidiary of tycoon Enrique Razon Jr.’s Monte Oro Resources and Energy Inc. (MORE), is now recognized as Iloilo City’s sole power distribution utility (DU).

MEPC commits to spend close to P1.7 billion over the next three years to modernize the power distribution infrastructure in Iloilo City following its acquisition of the DU franchise from Congress in December last year.

Company officials gave assurance they are technically, operationally and financially capable of distributing power in the city.

MEPC said it already secured a stable electricity supply for the city’s 65,000 households and businesses, replacing the city’s long-time power distributor Panay Electric Co. (PECO).

MEPC president and chief executive officer Roel Castro said the power firm is now ready to rollout new infrastructure to power the whole city of Iloilo.

Castro said the distribution firm’s stakeholders remain the same set that was part of the National Grid Corp. of the Philippines (NGCP) which won the $3.95 billion bid.

MEPC was formerly known as MORE Mineral Corp.

Castro said the new name and other changes were approved by the Securities and Exchange Commission on 21 September.

In a separate statement, PECO said it plans to spend more than a billion pesos on modernization to improve its services and bring down power costs.

PECO’s capital expenditure program will include two to three new substations to support the power needs of upcoming developments in Iloilo City, particularly by Megaworld Corp., the Gaisano group, and a local developer.

PECO has been Iloilo City’s distribution utility the past 95 years.