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  WELCOME TO SOLECO, INC. WEBSITE

  HISTORICAL DATA AND PROFILE

INSTITUTIONAL

The Southern Leyte Electric Cooperative, Inc. (SOLECO) was created on August 27, 1971. It was registered that same day with the National Electrification Administration (NEA) in accordance with RA 6038. SOLECO’s first energization was in December 1, 1975 when it purchased and took over the operation of the Maasin Light and Power Company. This private electric utility served the poblacion of Maasin, then a municipality but already the capital of the province. The number of consumers that availed the electric connection was only 1,978. Initially, the coverage area of the cooperative comprised only six districts, representing six towns in the province of Southern Leyte. These were the municipalities of Maasin, Macrohon, Padre Burgos, Malitbog, Tomas Oppus and Bontoc. Later, after all were energized using interim generators, including the town of Sogod, it expanded to encompass all the remaining 12 municipalities in Southern Leyte. Added were Libagon in the Sogod bay area, St. Bernard, San Juan, Anahawan, Hinundayan, Hinunangan, Silago in the pacific area. In the Pana-on Island, which is connected to the main land by Lilo-an Bridge, were the municipalities of Lilo-an, San Francisco, Pintuyan, and San Ricardo. The historical island of Limasawa was created a separate municipality from Padre Burgos on August 20, 1994. The total coverage area of the coop is comprised with 1 city and 18 municipalities. Its first BOD President was in the person of MR. Sofronio Mosot. Currently the position is held by a prominent businessman from Sogod Engr. Peregrino Regis. The first GM in 1975 was the Ret. Col. Mauricio S. Flores while the current Officer-in-Charge is Engr. Jonathan S. Empeño who hails from St. Bernard. The central headquarters of SOLECO is located in a 7-hectare lot, alongside the provincial highway, in barangay Nasaug, about four kilometers away from the center of the city of Maasin. As of Dec. 31, 2005 the status of energization in terms of coverage area in Southern Leyte is now 92% energized having energized 459 Barangays out of the total of 501. On house connections the cooperative has connected 55,198 premises from a potential of 72,894.

FINANCIAL

On its financial operation, sales revenue and collection of consumer’s account have registered increases. Sales revenue is presently 219,212,845 as of Dec. 2005. Collections of consumer’s accounts has pegged at 257,920,575 Operating expenses steadily climbed by 20% from the previous year now reaching 48,458,360 by the end of 2005. For power bills paid to National Power Corporation our coop has remitted 205,735,085. For paying on time the coop has availed of a prompt payment discount of P6,105,482. Depreciation and amortization expense went up to P20,881,187 in 2005 as compared to P11,442,243 in 2004. cost of power purchased in proportion to the increase in sales revenue went up to P205,735,085 in 2005 from P171,491,271 in 2004.

TECHNICAL

At present Southern Leyte Electric Cooperative services its coverage area with one 10MVA and two - 5MVA substation transformers situated at key locations of the province. The locations are Maasin, Bontoc and Liloan. The total lenght of lines for the main distribution have reached 1,253 kilometers.

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