July 18, 2022

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NEA says 72% of power co-ops receive top AAA rating

The National Electrification Administration (NEA) said 72% of the 121 electric cooperatives (EC) it oversees received the top AAA rating for financial, regulatory, and operational soundness in the agency’s 2021 EC Overall Performance Assessment.

The NEA said nine ECs were rated AA, five ECs A, seven ECs B, six ECs C and seven ECs D.

It said that the assessment “aims to measure the ECs’ financial, institutional and technical performance, thus determining credit worthiness, level of development, protection, empowerment and satisfaction of member-consumer-owners, and to promote accountability and responsibility in ECs’ compliance and fiduciary obligations.”

Emmanuel P. Juaneza, NEA administrator, said Iloilo Electric Cooperative III (ILECO Ill) among on-grid co-ops and Siargao Electric Cooperative (SIARELCO) in the off-grid category were deemed the top performers in the 2021 assessment.

Regions VI, VIII and CARAGA were also recognized for sustained excellent performance with all their ECs consistently rated AAA.

Region Ill was deemed the most improved region with all of its 14 ECs rated AAA for the first time.

NEA said from 2019, the number of ECs classified as mega-large increased to 79 from 72 while ECs classified as extra large fell to 22 from 28. Large ECs declinedto 14 from 17.

ECs classifid as medium and small were unchanged at two and four, respectively.

NEA said the performance assessment for 2020 was delayed due to the pandemic. — Justine Irish D. Tabile