MORE Electric and Power Corporation: Difference between revisions

MORE Electric and Power Corporation (MORE POWER)
Company type	Public
Industry	Power distributor
Founded	2018
Headquarters	MORE Power Corporate Center, Quezon Street, City Proper, Iloilo City, Philippines
Key people	Roel Z. Castro, President and CEO
Owner	Enrique K. Razon
Parent	Prime Strategic Holdings, Inc.
Subsidiaries	Primelectric Holdings, Inc.
Website	www.morepower.com.ph

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Revision as of 02:56, 7 August 2024

MORE Electric and Power Corporation, also known as MORE Power.

History

MORE Power was founded in 2018 under the parent company of Prime Strategic Holdings, Inc. of Enrique K. Razon.

Official website

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+'''MORE Electric and Power Corporation''', also known as '''MORE Power.'''
-'''MORE Electric and Power Corporation''', also known as '''MORE Power''', is a PROFIT electric power distribution company in the Philippines. It has been serving [[Iloilo City]] since 2019, following its controversial takeover of the private firm [[Panay Electric Company]] (PECO) as well as Central Negros Electric Cooperative, Inc., Iloilo 1, 2 and 3 Electric Cooperative, Inc. and aim to become the Philippines sole electric distribution company.<ref>{{Cite web |title=MORE ELECTRIC v. PANAY ELECTRIC COMPANY |url=https://lawyerly.ph/juris/view/c103fa?user= |access-date=August 4, 2022 |website=lawyerly.ph |language=en}}</ref>
-The name "MORE" is an acronym for '''Monte Oro Resources & Energy, Inc.''',<ref>{{Cite web |date=October 4, 2018 |title=Monte Oro changes name, raises capital base to P1b |url=https://manilastandard.net/business/corporate/277141/monte-oro-changes-name-raises-capital-base-to-p1b.html |access-date=August 4, 2022 |website=Manila Standard |language=en-US}}</ref> a subsidiary of Prime Strategic Holdings, Inc. (formerly known as Prime Metroline Holdings, Inc.) of billionaire [[Enrique K. Razon|Enrique Razon]].<ref>{{Cite web |title=About Us « MORE Power |url=https://morepower.com.ph/about-us/ |access-date=August 4, 2022 |website=MORE Power |language=en-US}}</ref> MORE power investment is more than Php 10 billion pesos for the construction and development of its expansion w'''hich will be recover within 5 years and to be included in their power rates that will be shouldered by their consumers.''' More Power rate in lesser than other distribution utilities because of non-collecting of their Capital Expenditures or investment but for the next 5 years the '''power rate will be''' '''shoot-up approximately 16 to 20 pesos per kilowatt hour due to recoveries of investment that will be pass-on to Consumers.''' This low power rate is just a trap and marketing strategy to capture the heart of Consumers without knowing the negative effect in the future. More power is profit company all the expenses and investment incurred will be recover to every Consumer through their power rate. While Electric Cooperatives are NON-PROFIT, they are transparent to its Member-Consumer-Owners and the rate approve by the Energy Regulatory Commission. They are supervised by National Electrification Administration, Energy Regulatory Commission and Department of Energy. While More Power is controlled by their incorporators, investors, president Roel Castro and the owner of the corporations.
 == History ==
+MORE Power was founded in 2018 under the parent company of Prime Strategic Holdings, Inc. of [[Enrique K. Razon]].
-MORE Power was founded in 2018 under the parent company of Prime Strategic Holdings, Inc. of [[Enrique K. Razon]]. On February 14, 2019, it was granted a 25-year power distribution franchise in Iloilo City signed by President [[Rodrigo Duterte]], after [[Panay Electric Company]] (PECO)'s 97-year-long service franchise in the city expired earlier on January 18, 2019.<ref>{{Cite web |last=Jr |first=Nestor P. Burgos |date=February 19, 2019 |title=More Power granted 25-year distribution franchise in Iloilo City |url=https://business.inquirer.net/265329/more-power-granted-25-year-distribution-franchise-in-iloilo-city |access-date=October 12, 2022 |website=INQUIRER.net |language=en}}</ref><ref>{{Cite web |title=Supreme Court upholds MORE Power franchise |url=https://www.dailyguardian.com.ph/supreme-court-upholds-more-power-franchise/ |access-date=September 17, 2020 |website=Daily Guardian}}</ref>
-On July 30, 2022, MORE Power's proposed expanding its power distribution service in [[Iloilo|Iloilo province]] lapsed into law under Republic Act 11918, or the modified MORE Power franchise. The expansion of MORE Power’s service areas covered [[Alimodian]], [[Leganes, Iloilo|Leganes]], [[Leon, Iloilo|Leon]], [[New Lucena]], [[Pavia, Iloilo|Pavia]], [[San Miguel, Iloilo|San Miguel]], [[Santa Barbara, Iloilo|Santa Barbara]], [[Zarraga]], [[Anilao, Iloilo|Anilao]], [[Banate, Iloilo|Banate]], [[Barotac Nuevo]], [[Dingle, Iloilo|Dingle]], [[Dueñas, Iloilo|Dueñas]], [[Dumangas]], [[San Enrique, Iloilo|San Enrique]], and [[Passi, Iloilo|Passi City]].<ref>{{Cite web |date=August 3, 2022 |title=PAVIA FIRST TO ENJOY MORE POWER SERVICE; Cheaper power soon within reach |url=https://www.panaynews.net/pavia-first-to-enjoy-more-power-service-cheaper-power-soon-within-reach/ |access-date=August 4, 2022 |website=Panay News}}</ref><ref>{{Cite web |title=Iloilo City power distributor to expand services to Iloilo's 15 towns and one city |url=https://mb.com.ph/2022/05/31/iloilo-city-power-distributor-to-expand-services-to-iloilos-15-towns-and-one-city/ |access-date=August 4, 2022 |website=Manila Bulletin |date=May 31, 2022 |language=en-US}}</ref><ref>{{Cite web |title=MORE Power expansion bill hurdles Senate 2nd reading closer to approval |url=https://www.panaynews.net/more-power-expansion-bill-hurdles-senate-2nd-reading-closer-to-approval/?amp=1 |access-date=May 25, 2022 |website=Panay News}}</ref><ref>{{Cite web |title=Modified law grants expanded coverage to power firm in Iloilo |url=https://www.cnnphilippines.com/news/2022/8/3/MORE-Power-Corp.-Iloilo-lapsed-bill.html |archive-url=https://web.archive.org/web/20220803053243/https://www.cnnphilippines.com/news/2022/8/3/MORE-Power-Corp.-Iloilo-lapsed-bill.html |url-status=dead |archive-date=August 3, 2022 |access-date=August 3, 2022 |website=CNN Philippines}}</ref> The service areas were previously served by Iloilo Electric Cooperatives (ILECO) I and III.<ref>{{Cite web |date=August 2, 2022 |title=Razon firm expands power distribution in Iloilo |url=https://mb.com.ph/2022/08/02/razon-firm-expands-power-distribution-in-iloilo/ |access-date=August 4, 2022 |website=Manila Bulletin |language=en-US}}</ref>
-In 2024, MORE Power invested {{Currency|115 billion|PHP|passthrough=yes}}to modernized power services but this investment will be pass on to its Consumer to the near future to recover their investment and earned profit, including the implementation of a [[SCADA]] (supervisory control and data acquisition) system, which allows for remote monitoring and control of substations, as well as the collection of data for analysis. Expansion of franchise, joint venture to Central Negros Electric Cooperative, payment to Congressman, Senators and other involved for the fast approval of the franchise expansion and joint venture of More Power without any further deliberation and knowing the negative impact to every Consumers in the future.<ref>{{Cite web |last=Lagare @jordeenelagare |first=Jordeene B. |date=2024-07-10 |title=MORE Power invests P115 million to improve power services |url=https://business.inquirer.net/467960/more-power-invests-p115-million-to-improve-power-services |access-date=2024-08-01 |website=INQUIRER.net |language=en}}</ref>
-== Controversies ==
-=== Franchise dispute with PECO ===
-On February 2019 when President Duterte signed Republic Act 11212, MORE Power was granted a 25-year franchise to take over from PECO, whose own franchise had expired just weeks earlier in January 2019 after failing to secure an extension from Congress.<ref>{{Cite web |last= |first= |date=2018-11-23 |title=‘PECO FAILED ILOILO’ |url=https://www.panaynews.net/peco-failed-iloilo/ |access-date=2024-07-10 |website=Panay News |language=en-GB}}</ref> Following this legislative move, MORE Power swiftly initiated an expropriation case against PECO in March 2019 to legally acquire its distribution assets necessary for operating in Iloilo City. Despite PECO's objections, the [[Regional Trial Court#Sixth Judicial Region|Iloilo City Regional Trial Court]], under Judge Emerald Requina-Contreras, issued a crucial writ of possession, allowing MORE Power to take over specified PECO assets. This court order paved the way for MORE Power to assume operational control over key infrastructure like substations, reassuring residents and businesses of uninterrupted service through proactive consumer support measures.<ref>{{Cite web |last=Lucas |first=Daxim L. |date=2018-11-14 |title=Blackouts feared as fight for Iloilo electricity franchise heats up |url=https://business.inquirer.net/260580/blackouts-feared-as-fight-for-iloilo-electricity-franchise-heats-up |access-date=2024-07-10 |website=INQUIRER.net |language=en}}</ref> However, PECO has continued to challenge the legality of Republic Act 11212 and the court's decisions, maintaining a legal and regulatory standoff that underscores the complexities and stakes involved in the transition of electricity distribution services in Iloilo City.<ref>{{Cite web |last=Rivera |first=Danessa |title=MORE Power takes over PECO |url=https://www.philstar.com/business/2020/03/02/1997317/more-power-takes-over-peco |access-date=2024-07-10 |website=Philstar.com}}</ref>
-In 2020, the [[Supreme Court of the Philippines|Supreme Court]] issued a final ruling that PECO could no longer operate Iloilo City’s distribution system, affirming that its franchise had lapsed. MORE Power was thereby established as the new distributor of power in Iloilo City.<ref>{{Cite web |date=2021-05-27 |title=SC upholds MORE Power’s right to distribute power in Iloilo City |url=https://powerphilippines.com/sc-upholds-more-powers-right-to-distribute-power-in-iloilo-city/ |access-date=2024-07-10 |website=Power Philippines |language=en-US}}</ref>
-=== Franchise expansion conflict ===
-In 2024, the [[Supreme Court of the Philippines|SC]] upheld MORE Power's expansion franchise covering 15 municipalities and one city previously within ILECOs' jurisdiction. The [[Lists of landmark court decisions|landmark decision]] entitled "Iloilo Electric Cooperative, Inc. [ILECO I], et al. v. Executive Secretary Lucas P. Bersamin, et al.", G.R. No. 264260, dated July 30, penned by Justice [[Rodil Zalameda]], dismissed the [[certiorari]] filed by Iloilo Electric Cooperative, Inc. I, II, and III which contested the validity of Section 1, R.A. 11918.<ref>{{cite news |last1= |first1= |title= Exclusive Franchises are Prohibited by the Constitution|url= https://sc.judiciary.gov.ph/sc-exclusive-franchises-are-prohibited-by-the-constitution/|accessdate=August 2, 2024 |publisher= [[Supreme Court of the Philippines]]|date=August 1, 2024}}</ref> It ruled that Section 11, Article XII of the [[Constitution of the Philippines|1987 Constitution]] prohibits exclusive franchises.<ref>{{cite news |last1=  Pulta|first1= Benjamin |title=SC: Electric cooperatives do not have right to exclusive franchise|url= https://www.pna.gov.ph/articles/1230320|accessdate=August 2, 2024 |publisher= [[Philippine News Agency]]|date=August 2, 2024}}</ref>
-== References ==
 {{Reflist}}
-== External links ==
 * [https://morepower.com.ph/ Official website]