MONDAY, 24 JANUARY 2011 19:50 PAUL ANTHONY A. ISLA / REPORTER
THE privatization of contracted capacity of the 149-megawatt (MW) Naga power complex in Cebu is expected to push through soon, an official of the Power Sector Assets and Liabilities Management Corp. (Psalm) told the BusinessMirror.
In an interview, Psalm vice president for asset management and electricity trading Conrad Tolentino said it will most likely bid out the contracted capacity of the Naga power complex to an independent power producer (IPP) administrator on or about the first quarter of 2011.
“What’s only needed for that is the bidding itself, as investor groups have already done their due diligence,” he added.
SPC Power Corp. and San Miguel Energy Corp. have earlier expressed interest to bid for the National Power Corp.’s (Napocor) contracted capacities on the Naga power plant complex, along with other entities.
The power plant complex in Naga, Cebu is composed of the Cebu power plant complex I with an installed capacity of 55 MW, complex 2 with capacity of another 55 MW and the 39-MW Cebu diesel power plant.
Tolentino also noted that the agency has yet to schedule the bidding for the contracted capacities of the Unified Leyte geothermal power complex.
“With regard to the Unified Leyte, Congress has indicated concerns that still need to be addressed,” Tolentino reasoned.
Energy Secretary Jose Rene Almendras earlier said because of Unified Leyte’s size, in terms of generating capacity, Congress have indicated some reservation on the power complex’s privatization.
“Congress wants to evaluate whether it’s true that we can chop it out or what it will create if we pursue it,” Almendras, who also serves as vice chairman of Psalm, said.
The Unified Leyte geothermal complex includes the 125-MW Upper Mahiao plant, 232-MW Malitbog and 180-MW Mahanagdong plants and the 51-MW optimization plants. Energy Development Corp. operates the said steam plants.
Among interested bidders, AboitizPower Corp. and First Gen Corp. have expressed interest to bid for Napocor’s contracted capacities on the Unified Leyte.
To date, Psalm has privatized 68.7 percent of the total contracted capacities in the Luzon and Visayas grids to IPP administrators.
The agency has yet to bid out the contracted capacities of 728-MW Caliraya-Botokan-Kalayaan hydro plants, 100-MW Western Mindanao Power Corp., 50-MW Southern Philippines Power Corp., 200-MW Mindanao Coal plant, 92.52-MW Mount Apo 1 and 2 geothermal project and 165-MW Casecnan hydropower plant.
Psalm has also successfully bid out 91.73 percent of the generating assets in the Luzon and Visayas grids. The only assets that have yet to be privatized include the 850-MW Sucat and 630-MW Malaya thermal plants.
Psalm generated $3.467 billion from the sale of the generating assets and $3.23 billion from the IPP contracts.
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