Posted on 07:08 PM, September 24, 2010
THE GOVERNMENT plans to divest as soon as possible remaining subtransmission assets under the power asset privatization program.
Assets worth P4.19 billion cover 3,300 circuit kilometers of lines with a combined capacity of 1,290 megavolt amperes (MVA), Moslemen T. Macarambon, president and chief executive of National Transmission Corp. (TransCo) told reporters on Thursday.
"TransCo has already sold P3.42 billion worth of subtransmission assets as of June 30 this year since the privatization program began in 2004. The remaining is about P4.19 billion," said Mr. Macarambon.
He did not indicate a timetable to complete the sale, including the line location.
Mr. Macarambon said TransCo has so far sold 2,849 circuit kilometers of lines with a combined capacity of 325 MVA.
These consist of 67 packages such as 325-MVA transformers and 40 lease purchase agreements.
Documents given to reporters stated that TransCo has so far collected only P761 million of the P2.42-billion privatization proceeds as of end-June.
Mr. Macarambon said the balance is payable over 20 years.
TransCo earlier said it has been negotiating with 22 distribution utilities on the sale of subtransmission assets.
Under Republic Act 9136 or the Electric Power Industry Reform Act of 2001, subtransmission assets shall be operated and maintained by TransCo until sold to qualified distribution utilities. -- E. N. J. David
"TransCo has already sold P3.42 billion worth of subtransmission assets as of June 30 this year since the privatization program began in 2004. The remaining is about P4.19 billion," said Mr. Macarambon.
He did not indicate a timetable to complete the sale, including the line location.
Mr. Macarambon said TransCo has so far sold 2,849 circuit kilometers of lines with a combined capacity of 325 MVA.
These consist of 67 packages such as 325-MVA transformers and 40 lease purchase agreements.
Documents given to reporters stated that TransCo has so far collected only P761 million of the P2.42-billion privatization proceeds as of end-June.
Mr. Macarambon said the balance is payable over 20 years.
TransCo earlier said it has been negotiating with 22 distribution utilities on the sale of subtransmission assets.
Under Republic Act 9136 or the Electric Power Industry Reform Act of 2001, subtransmission assets shall be operated and maintained by TransCo until sold to qualified distribution utilities. -- E. N. J. David
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