Power firms get 1-year extension on mandatory public share offer

Private power generation companies (gencos) and distribution utilities (DUs) are given a one-year extension to comply with the rule to sell at least 15 percent of common shares to the public, as required by the law.

The Energy Regulatory Commission (ERC) in a resolution decided to extend the compliance period of gencos and DUs not publicly-listed for one year, or until June 29, 2017, “to offer and sell to the public a portion of not less than 15 percent of their common shares of stocks.”

The new resolution suspends a prior one which directed all private gencos and DUs to sell a portion of at least 15 percent of common shares to the public in a period of five years.

The extension of compliance period followed the petitions made by the Private Electric Power Operators Association (PEPOA).

Read more here.

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