FGHPCFirst Gen Hydro Power Corp
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FGHPC last disconnected power to Pames on July 23 last year after the cooperative failed to honor a March 16, 2012, restructuring agreement, in which Pames acknowledged a total debt of more than P80 million.
The amount represented power bills unpaid since July 2008, said FGHPC in its notice.
To date, FGHPC said, Pames has paid only P28 million of the total P80-million debt by offsetting real property taxes that FGHPC is supposed to pay the municipal government for the hydropower facility.
The last straw for FGHPC was the failure of Pames to make the scheduled payment of
That is why FGHPC had no choice but to finally cut off power to the town to ensure the viability of the Pantabangan-Masiway Hydroelectric Complex, which the power supplier owns and operates and which, in addition to Pantabangan, also supplies electricity to seven other entities consisting of four electric cooperatives, one private distribution facility, two government customers, and an industrial customer.
It is therefore not surprising that the municipal government cannot pay its debts to FGHPC.