Primelectric acquires SPC Power’s share in Bohol Light

Primelectric Holdings Inc. (PHI) has confirmed the acquisition of the 70 percent stake of SPC Power Corporation and other minority shareholders in Bohol Light Company Inc. (BLCI).

Bohol Light Company Inc., an electric and power distributor serving Tagbilaran City, is predominantly privately owned (70%), with the remaining 30 percent held by the Bohol provincial government under a franchise valid until 19 October 2025.

“Acquiring BLCI is a valuable opportunity that should not be missed,” Roel Castro, President of Primelectric, said.

BLCI has demonstrated strong financial performance, an experienced management team, and a competent labor force in the power distribution business.

As a distribution utility, it has established a track record of maintaining the lowest distribution rates in Bohol, with remarkably few exceptions. It has expanded and upgraded its facilities, such as the 20MVA Substation, which is one of its kind in the province in terms of innovation and mobility. Its reliability performance rating is consistently categorized as Level A.

As a corporate citizen, it responds swiftly to emergencies and has earned several recognitions and awards from the Department of Energy and the City of Tagbilaran.

Castro affirmed that Primelectric's entry into Bohol Light aims to further elevate consumer service standards through substantial capital investments of at least P1 billion in rehabilitating and modernizing distribution assets.

"We are well-prepared, both technically and financially, to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area," conveyed Castro to the press.

BLCI has been operating in the best interest of its customers, making significant contributions to the growth of the economy, not just in Tagbilaran City but also in Bohol province.

BLCI has always been a major player in supporting the local government in coping with every calamity that befalls our beloved Province.

From the time it took over the utility, BLCI has greatly improved the power system and delivery in its franchise area in terms of reliability, quality, and affordability.

It has substantially lowered the system losses and continually improved its services for better customer convenience.

The Tagbilaranon has been enjoying the lowest effective rate since its inception from 2001 up to 2022, compared to other Bohol electric utilities and was affected due to the impact of the pre-termination of the PSALM Contract in July 2022 and the spike increase in coal price in the world market. But as of this date, the BLCI rate is at the level of other electric utilities in Bohol. The Distribution Charge where BLCI sourced its operation is among the lowest in Visayas.

The entry of Primelectric will continue to improve its performance and deliver quality service to BLCI consumers.

James Roy N. Villareal, the Executive Vice President of SPC Power Corporation, expressed satisfaction with the acquisition by the Razon group, emphasizing consumer welfare as a focal point.

Villareal lauded Primelectric's track record, mainly through MORE Power, for significantly enhancing consumer services in Iloilo City, influencing their decision to sell shares. He expressed confidence that consumers will benefit from Primelectric's stewardship.

Primelectric is slated to assume operational control this year and will initiate the franchise renewal application in Congress alongside the Bohol Provincial Government.

Since assuming operations in February 2020, MORE Power has invested nearly 3 billion pesos in a 5-year distribution network development in Iloilo City, and remarkable improvements have been noted. System losses decreased from 30 percent to an average of 5 percent; the consumer base surged from 62 thousand to 95 thousand, and instances of unscheduled power interruptions were reduced to acceptable standards.

They also maintained the lowest electricity rate in Visayas in the past 12 months.

The clamor for MORE Power expansion in neighboring 15 municipalities and one chartered city in Iloilo province prompted Congress approval.

Recently, Primelectric also inked a Joint Venture Agreement with Central Negros Electric Cooperative (CENECO), serving Bacolod, Silay, Bago, Talisay, and the municipalities of Murcia and Don Salvador Benedicto and also secured the congressional franchise for the JV company, Negros Electric and Power Corporation.