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When operational control over a franchise area is transferred, reversing that decision is nearly impossible. That is why the analysis of the balance-sheet comparison between the Razon-linked IGNITE Power proposal and Meralco deserves a more in-depth investigation.
In our last Vantage Point newsletter, we asked whether the board of South Cotabato II Electric Cooperative, Inc. (SOCOTECO II) rushed too soon toward the Enrique Razon-Manny Pacquiao opportunity.
It would be interesting to know which bidder actually has the financial depth and operational capability to rehabilitate a regional electricity monopoly without inevitably passing the hidden risks back to consumers.
Electricity distribution is one of the most durable recurring-cash-flow businesses in the country, largely because customers can’t just leave the grid when they decide to pull the plug.
