The Bacolod Regional Trial Court has denied the petition to restrain the proponents of a joint venture agreement (JVA) between Primelectric Holdings Inc. and Central Negros Electric Cooperative (Ceneco).
Bacolod TRC judge Maria Lina Gonzaga denied the petition for a temporary restraining order (TRO) against the JVA filed by Negros Consumer Watch and Ceneceo Anti-JVA Coalition convenors Pepito Pico, Rommel Pido and Aaron Sorbito.
Gonzaga, in her order, said that the TRO request was denied “for non-compliance with the specific provision of the law.”
The joint venture between Primelectric, an affiliate company of MORE Power, and Ceneco seeks to improve power services in the region in the wake of its ratification by member-consumers through a series of plebiscites that started Friday, 23 June this year.
Guidelines established by the National Electrification Administration (NEA) require a majority of members to support joint venture agreements with a yes vote.
Primelectric and Ceneco signed such an agreement on 3 June this year.
Roel Castro, Primelectric president and chief executive officer, said the enterprise is prepared to spend P4 billion under the joint venture half of which will fund the acquisition cost and the other half as capital expenditure.
