The National Electrification Administration (NEA) has classified the First Catanduanes Electric Cooperative, Inc. (FICELCO) as among the 64 “Green” electric cooperatives for the 2nd quarter of 2023.
In the Bicol region, only two other cooperatives aside from FICELCO are in the list: Camarinas Norte Electric Cooperative (CANORECO) and Camarines Sur Electric Cooperative (CASURECO) IV.
Catanduanes’ lone power distribution entity has kept the classification, based on its performance, for more than a year now, records show.
The NEA assessment for the period indicates that FICELCO has a working capital fund of P89.499 million, which is more than the requirement of one-month working capital of P55.843 million.
It has an average collection efficiency of 100 percent, which is better than that of CANORECO and CASURECO IV.
All three “green” Bicol co-ops are current in their accounts payable with generation companies, NEA and banks.
With a 2021 net worth of P308.685 million, FICELCO has a net of P17.048 million as result of its financial operation.
Its Systems Loss is at a low 8.25 percent, better than CASURECO IV’s 9.44% but bested by CANORECO’s 5.65%.
FICELCO’s System Reliability is also within acceptable levels, with an energization level of 100 percent.