MORE Electric and Power Corporation
 | |
| Company type | Public |
|---|---|
| Industry | Power distributor |
| Founded | 2018 |
| Headquarters | MORE Power Corporate Center, Quezon Street, City Proper, Iloilo City, Philippines |
Key people | Enrique K. Razon Roel Z. Castro, President and CEO |
| Owners | Prime Strategic Holdings, Inc. |
| Website | www |
MORE Electric and Power Corporation, also known as MORE Power, is an electric power distribution company in the Philippines. It has been serving Iloilo City since 2019, after its controversial takeover of the power distribution assets of private firm Panay Electric Company (PECO).[1]
The name "MORE" is an acronym for Monte Oro Resources & Energy, Inc.,[2] a subsidiary of Prime Strategic Holdings, Inc. (formerly known as Prime Metroline Holdings, Inc.) of billionaire Enrique Razon.[3]
History[edit]
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.[4][5]
On July 30, 2022, MORE Power's proposed expanding its power distribution service in 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, Leon, New Lucena, Pavia, San Miguel, Santa Barbara, Zarraga, Anilao, Banate, Barotac Nuevo, Dingle, Dueñas, Dumangas, San Enrique, and Passi City.[6][7][8][9] The service areas were previously served by Iloilo Electric Cooperatives (ILECO) I and III.[10]
In August 2022, the company announced that it would finance the installation of underground cabling in Iloilo City with an agreement to split the total expenses with the telecommunications companies servicing the city.[11] MORE Power plans to begin burying utility cable wires first in Calle Real in Iloilo City Proper, as early as 2023.[12]
References[edit]
- ^ "MORE ELECTRIC v. PANAY ELECTRIC COMPANY". lawyerly.ph. Retrieved August 4, 2022.
- ^ "Monte Oro changes name, raises capital base to P1b". Manila Standard. October 4, 2018. Retrieved August 4, 2022.
- ^ "About Us « MORE Power". MORE Power. Retrieved August 4, 2022.
- ^ Jr, Nestor P. Burgos (February 19, 2019). "More Power granted 25-year distribution franchise in Iloilo City". INQUIRER.net. Retrieved October 12, 2022.
- ^ "Supreme Court upholds MORE Power franchise". Daily Guardian. Retrieved September 17, 2020.
- ^ "PAVIA FIRST TO ENJOY MORE POWER SERVICE; Cheaper power soon within reach". Panay News. August 3, 2022. Retrieved August 4, 2022.
- ^ "Iloilo City power distributor to expand services to Iloilo's 15 towns and one city". Manila Bulletin. May 31, 2022. Retrieved August 4, 2022.
- ^ "MORE Power expansion bill hurdles Senate 2nd reading closer to approval". Panay News. Retrieved May 25, 2022.
- ^ "Modified law grants expanded coverage to power firm in Iloilo". CNN Philippines. Archived from the original on August 3, 2022. Retrieved August 3, 2022.
- ^ "Razon firm expands power distribution in Iloilo". Manila Bulletin. August 2, 2022. Retrieved August 4, 2022.
- ^ Marzan, Joey (August 2, 2022). "Iloilo City power consumers to pay for underground wiring for 30 years". INQUIRER.net. Retrieved October 12, 2022.
- ^ Guardian, Daily (July 28, 2022). "Underground cabling may start early next year". Daily Guardian. Retrieved October 12, 2022.