Veco targets to rake in P23.49 billion revenues

CEBU, Philippines — The Visayan Electric Company (VECO) targets to rake in P23.49 billion in gross revenues, which is a 3.44 percent improvement from last year's sales performance.

VECO president Jimmy Aboitiz yesterday said that aside from the hot weather, which could cause spikes in electricity consumption, the aggressive demand from the industry sector likewise pushed the company’s strong sales performance this year.

Besides, 2018 being an election year, demand is expected to spike, Aboitiz added.

VECO assistant vice president for Engineering Support Bailey del Castillo explained that because of the climbing cost of fuel, some industries like malls opted to source their power requirements from VECO instead of using their own generators.

Customers like cement factories, shopping malls are shutting off their generators and sourcing their power requirement from VECO, Del Castillo added.

As of April this year, VECO recorded a total 427,377 customers from its franchise area in Cebu. It also registered a peak demand of 532 megawatts in the same month.

VECO also expects to maintain system loss at 6.5 percent (lower than the Energy Regulatory Commission-mandated cap of 8.5 percent) by the end of 2018.