18 Dec 2007
The Power Sector Assets and Liabilities Management Corporation (PSALM) has moved the bidding for the 192.5-megawatt (MW) Palinpinon Geothermal Power Plant and 146.5-MW Panay Diesel Power Plant to early next year, possibly within the first quarter.
PSALM is in discussion with the Philippine National Oil Company-Energy Development Corporation for possible amendments to the long-term steam supply agreement which will be attached to the Palinpinon-Panay plant package taking into consideration the issues raised by the Joint Congressional Power Commission (JCPC), overseer of the government’s power privatization program. The steam supply agreement assures prospective bidders of a stable supply of steam to fuel the Palinpinon facility. JCPC Resolution 2006–1 requires that this agreement, now called the geothermal resources supply contract (GRSC), be subject to its approval.
PSALM will use this opportunity to address comments of investor groups on the GRSC, thus enhancing the value of the plant package.
In 2007, PSALM successfully bid out four generating plants of the National Power Corp. earning for the government USD2.042 billion, in addition to the concession contract for the National Transmission Corp. which registered USD3.9 billion as the highest bid. With an aggregate capacity of 1,375 megawatts (MW), the privatized power plants include the 600-MW Masinloc and 600-MW Calaca coal-fired thermal plants, and the 75-MW Ambuklao and 100-MW Binga hydropower plants.
Strategic Communications and Partnership Division |