Primelectric assumes Bohol Light control

Primelectric Holdings Inc. (PHI), a unit of Enrique Razon-led MORE Power, has acquired 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 70 percent privately owned, 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,” says Roel Castro, president of Primelectric.

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 responded 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 the Province of Bohol.

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.

Low power bills

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 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 in coal prices in the world market.

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.

Villareal 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.