Napocor 2016 net income P1.6B vs 4.9B in 2015

STATE-OWNED National Power Corporation ( Napocor) posted a net income of P1.6 billion in 2016 as stated in its financial report submitted to the Commission on Audit ( COA), down from a comparative P4.9 billion in 2015.

Napocor has been posting positive earnings since 2012, realizing in 2015. That year, it also posted P2.5 billion in retained earnings, a reversal of its P2.78 billion net loss in 2010.

“The restructured tariff recovery approach, more proactive recovery of the Universal Charge for Missionary standing,” Napocor President Ma. Gladys Cruz-Sta. Rita said on Friday.

In the latter part of 2014, Napocor appealed before the Energy Regulatory Commission (ERC) for a restructured tariff recovery approach to narrow the gap between cost and revenue.

The ERC had provisionally approved the P0.1163 centavos per kilowatt hour basic UCME from P0.0454, though the total UCME remains at the same level of P0.1561 per kilowatt hour.

The provisionally approved tariff gave the corporation greater fiscal muscle, allowing it to fund most of its expenses using current revenues.

- cy for Luzon, Visayas and Mindanao excluding Basilan, Sulu and Tawi-Tawi improved to 98.38 percent when it used to be only 85 percent in 2012.

“We owe our sound collection been organizing with our customers since the past three years. These dialogues paved the way for a better and faster communication line and better services we give to our customers,” Sta. Rita said.