Business World Online
Posted on March 30, 2012 06:44:52 PM
SPC POWER Corp. has reportedly bagged the contract to continue running a thermal plant in Cebu in the interim while a state agency prepares a separate auction for a one-year operations deal.
The power firm disclosed on Friday that its proposal to operate and maintain the Naga power plant complex had been approved by the Power Sector Assets and Liabilities Management Corp. (PSALM), citing letters from the agency dated March 22 and 23.
PSALM is said to have approved SPC Power's final offer of P148.989 million on March 19 for a six-month operation and maintenance service contract [for the Naga power plant].
The offer comes after PSALM entered into a negotiated bid for the operations and maintenance of the facility composed of a 40.8-MW diesel power plant and a 105-MW thermal power plant.
The negotiated bid had to be undertaken after the bidding for a one year operations and service contract failed due to lack of bidders. The six-month contract gives PSALM more time "while a rebidding for the procurement of a one year operations and maintenance contract is being undertaken."
Earlier, lawmakers alleged the "right to top" the bidding by SPC Power Corp. is illegal.
The right to top emanated from a land lease agreement entered by PSALM, the National Power Corp. and SPC Power to build the 55-MW Naga land-based gas turbine located near the power plant complex. The agreement provided SPC Power the right to top biddings in properties in the vicinity of the gas turbine.
Shares of SPC Power closed at P4.80, up 50% from its previous close of P3.20 a piece. -- ENJD
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