Thursday, May 31, 2012

Bidding for Naga thermal plant set

Posted  by Alena Mae S. Flores


Power Sector Assets and Liabilities Management Corp. said Thursday it reopened the selection process for the operator of the 145.8-megawatt Naga power plant complex in Naga City, Cebu.
PSALM set the deadline for submission of bids for the operations and maintenance contract of the Naga complex on June 21 and the pre-bid conference on June 8.
“We are now ready to commence the rebidding for the procurement of the operation and maintenance service contract for the Naga facility after getting the approval of the PSALM board on the project last March,” PSALM president and chief executive Emmanuel Ledesma Jr. said.
PSALM approved a budget of P349 million for the Naga complex operation and maintenance covering one year.
The invitation to bid published on Wednesday said interested parties must have completed a contract similar to the Naga operations and maintenance within five years from the date of submission of bids.
PSALM required prospective bidders to pay a non-refundable fee of P75,000 for the bidding documents.
The agency conducted the first round of bidding for the Naga complex operations and maintenance on Feb. 27. It declared the auction a failure after the bids and awards committee did not receive any offer.
PSALM signed a six-month contract with SPC Power Corp. to ensure the continued operation of the Visayas-based complex after the rehabilitate-operate-maintain-and-manage agreement between National Power Corp. and SPC Power expired on March 25.
The current contract with SPC Power will expire on Sept. 25.
The Naga complex consists of three thermal power plants that use a combination of diesel, bunker C oil and coal as fuel.
(Published in the Manila Standard Today newspaper on /2012/May/31)    source

First Gen buys out UK partner

Posted  by Alena Mae S. Flores 


First Gen Corp. said Wednesday it acquired a company that owns the BG Group’s 40-percent stake in the 1,500-megawatt Sta. Rita and San Lorenzo natural gas power projects for $360 million.
First Gen said with the acquisition of the stake of its British partner, it would end up owning 100 percent of the 1,000-MW Sta. Rita and 500-MW San Lorenzo plants.
The Lopez-controlled power producer said wholly-owned subsidiary Blue Vulcan Holdings Corp. signed and closed a deal with BG Asia Pacific Holdings Pte. Ltd. on May 30 to acquire the entire capital stock of Lisbon Star Management Ltd., which owns 40-percent equity interest in the two power projects.
Lisbon Star is a company registered in the British Virgin Islands.  Its Philippine subsidiaries, BG Consolidated Holdings (Philippines) Inc. and BG Philippines Holdings Inc., own 40-percent equity interests in First Gas Holdings Corp., FGP Corp. and First NatGas Power Corp.
Blue Vulcan will fund the acquisition with the proceeds from the recently-issued P10 billion Series “G” perpetual preferred shares of its parent First Gen as well as loans and internal cash.
“The net consideration paid by BVHC to BGAPH for the LSML shares was $360 million. First Gas Holdings Corp., through wholly-owned subsidiary First Gas Power Corp., owns and operates the 1,000-MW combined cycle Sta. Rita natural gas-fired power plant, while FGP Corp. owns and operates the 500-MW combined cycle San Lorenzo natural gas-fired power plant.
First NatGas Power Corp. is the corporate vehicle for the development of the San Gabriel power plant project.
“We are extremely pleased with the closing and completion of this transaction.  Sta. Rita and San Lorenzo continue to perform reliably and have delivered consistent returns since the start of their commercial operations in 2000 and 2002, respectively,” said First Gen chairman and chief executive Federico Lopez.
“The natural gas plants were the Lopez group’s largest foray into the power generation business [prior to EDC] and have been instrumental in making the Malampaya gas-to-power project viable,” said Lopez.
Lopez said First Gen’s partnership with BG in the gas projects has been one of the most successful foreign partnerships in the country.
(Published in the Manila Standard Today newspaper on /2012/May/31)   source

Meralco seeks Subic incentives

Manila Standard Today
Posted  by Alena Mae S. Flores 


Meralco PowerGen Corp., the power generation arm of distributor Manila Electric Co., is seeking tax incentives from the Board of Investments for the planned 600-megawatt coal-fired power project at the Subic Bay Freeport Zone.
Newly-appointed Meralco president and chief executive Oscar Reyes told reporters the Subic project was awaiting approval from the BoI.
“The Subic project is moving. We recently filed for our BoI registration with the proper endorsement from the DoE [Energy Department],” Reyes said.
The Subic project will utilize two single high-efficiency 300-MW units for a total net generating capacity of 600 MW.  The entire project is estimated to cost $1.28 billion.
BoI-approved projects are exempted from income tax, duty free importation of equipment, among others.
Reyes said Meralco PowerGen was also in discussions with transmission network operator National Grid Corp. of the Philippines to connect the power plant to the Luzon grid.
He said talks were ongoing with the Subic Bay Metropolitan Authority officials. Some residents and businessmen in Subic earlier raised opposition to the project.
“On certain matters SBMA raised with us, those are being addressed as well. We are in constant communication with NGCP, SBMA, with the other stakeholders in the area and DoE,” Reyes said.
Reyes said Meralco PowerGen was committed to bring the plant to commercial operations by 2015. “We are committed to bring this capacity onstream by 2015. I think that remains to be our target because Luzon grid clearly needs it,” he said.
Meralco PowerGen is the controlling shareholder of Redondo Peninsula Energy Inc., the project proponent of the 600-MW coal project.
Meralco PowerGen holds 50 percent plus two shares in RP Energy while Aboitiz-controlled Therma Power Inc. and the local unit of Taiwan Cogeneration International Corp. hold the remaining shares in equal proportion.
Reyes said the company would stick to the traditional sources of fuel such as coal, natural gas, liquefied natural gas, hydro and wind for its power projects, but he ruled out nuclear energy “because it is something the whole world is still reviewing.”
Meralco chairman Manuel Pangilinan earlier said that if the commercial and industrial sectors continued to post strong growth, power supply might be tight in the next two to three years.  He said in this scenario, Meralco would pursue its power generation projects to meet the anticipated increase in demand.
“We’re looking at a number of power projects and we’re conducting a feasibility on gas-fired plants,” Pangilinan said.
(Published in the Manila Standard Today newspaper on /2012/May/31)  source

PSALM, Napocor also get outlook upgrades

By Neil Jerome C. Morales (The Philippine Star) Updated May 31, 2012 12:00 AM


MANILA, Philippines - New York-based Moody’s Investor Service has upgraded its outlook on the existing debts of two state-run energy firms following an improvement on the Philippines’ sovereign credit rating outlook.
Moody’s revised its outlook on bonds of the Power Sector Assets and Liabilities Management Corp. (PSALM) and National Power Corp. (Napocor) to positive from stable.
In a statement, Moody’s said it affirmed the Ba2 rating -- two notches below investment grade -- for the debt papers of Napocor and PSALM.
“The rating action follows Moody’s decision to change the outlook of the Philippine government’s Ba2 long-term foreign-currency and local-currency ratings to positive from stable,” the international credit watcher said.
The Aquino administration received its sixth upgrade barely in the first half of his six-year term after Moody’s upgraded the credit rating outlook of the Philippines to positive from stable, paving the way for a rating upgrade within the next six to 18 months.
“PSALM’s ratings are underpinned by its distinct policy role and its close integration with the government,” said Mic Kang, Moody’s vice-president and senior analyst.
PSALM, formed by the 2001 Electric Power Industry Reform Act, is the state firm in charge of privatizing government power assets as well as managing Napocor’s power plants and debt.
Kang said the government has provided unconditional and irrevocable guarantees on debt issued by PSALM and those transferred from Napocor.
To date, Napocor has transferred to PSALM more than 99 percent of its rated US dollar bonds, including the $300 million due in 2028 and $160 million due in 2016.
The sovereign credit outlook upgrade also benefited Napocor, Moody’s said.
Outstanding rated bonds of Napocor amount to $452,000 due in 2028 and $133,000 that will mature in 2016 as most debts were shouldered by PSALM.   source

Wednesday, May 30, 2012

Rebidding of power plant operation set


Business World Online
Posted on May 30, 2012 11:21:22 PM


REBIDDING OF the operations of a power facility in Cebu has been scheduled next month, the Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday, pending a congressional probe on the sale of generated electricity.


"We are now ready to commence the rebidding for the procurement of the Operation and Maintenance Service Contract for the Naga facility after getting the approval of the PSALM Board on the project last March," said PSALM President and Chief Executive Emmanuel R. Ledesma, Jr. said in a statement

PSALM will bid out the operations contract for the 145.8-megawatt (MW) plant on June 21, with a pre-bid conference set for June 8. It has approved a P34-million budget for the one-year contract.

Interested bidders must pay a non-refundable fee of P75,000 for the bid documents, PSALM said.

Bidding in February failed due to the lack of participants.

PSALM then entered into a six-month negotiated contract with SPC Power Corp., the current operator, to continue operating the plant. The contract will expire in September.

The contract for the power plant’s independent power producer administrator (IPPA) was supposed to be bid out last year, but was stalled upon request of the Joint Congressional Power Committee pending a probe on legal issues surrounding the offer.

PSALM deferred the privatization of Naga’s contracted capacity in October last year.

Lawmakers have claimed that the "right to top" the bidding by SPC Power was illegal. The scheme was the result of a land lease agreement entered into 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 deal gave SPC Power the right to top bidding on properties in the vicinity of the gas turbine.

Bidding for the operation and maintenance services will allow the private sector to run the plant, while the IPPA remains with the government. The complex is composed of the 40.8-MW Cebu diesel power plant and the 105-MW Cebu thermal power plant in Naga, Cebu.

PSALM is the agency mandated by the Electric Power Industry Reform Act of 2001 to handle the privatization of the state-owned power assets. -- E. N. J. David   source

First Gen buys out British Gas for $360M


Business World Onine
Posted on May 30, 2012 11:02:48 PM


FIRST GEN Corp. has amassed full ownership of a subsidiary behind two gas-fired power plants in Batangas after acquiring the remaining 40% stake from the British Gas (BG) Group for $360 million, the Lopez-led firm said in a statement yesterday.

THE STA. RITA power plant seen in this photo along with the nearby San Lorenzo facility is now wholly owned by First Gen Corp. after the Lopez-led firm bought out its partner.
The acquisition caps two years of talks between First Gen and BG, which had been disposing of its international assets.

First Gen acquired the equity interest of Lisbon Star Management Ltd. (LSML) from BG Asia Pacific Holdings Pte. Ltd. through a share purchase agreement.

LSML is the parent firm of BG Consolidated Holdings (Philippines), Inc.

and BG Philippines Holdings, Inc. which own the 40% stake in First Gas. It is registered in the British Virgin Islands.

The acquisition was made through First Gen’s subsidiary Blue Vulcan Holdings Corp.

First Gas operates the 1,000-megawatt (MW) Sta. Rita and 500-MW San Lorenzo natural gas-fired power plants in Batangas.

First Philippine Holdings also executed a Deed of Termination and Release on its joint venture agreements with the BG Group.

“We are extremely pleased with the closing and completion of this transaction. Sta. Rita and San Lorenzo continue to perform reliably and have delivered consistent returns since the start of their commercial operations in 2000 and 2002, respectively...” First Gen Chairman and Chief Executive Federico R. Lopez said in the statement.

“Our partnership with BG in the gas projects has been one of the most successful foreign partnerships in the country,” he said.

The natural gas plants were reportedly the Lopez group’s largest foray into the power generation business prior to the acquisition of the Energy Development Corp. and were deemed instrumental in making the Malampaya gas-to-power project viable.

The transaction was funded by the proceeds of the firm’s recent series “G” perpetual preferred share issuance along with loans and internal funds.

The British group first offered its stake to Korea Electric Power Corp. for $400 million in September 2010 but First Gen questioned the sale and exercised its right of first refusal.

British Gas sold off its energy assets in the United States in 2010 and was actively seeking to divest many of its international projects.

With the conclusion of the purchase, First Gen’s attributable capacity is now at 2,144 MW from 1,544 MW.

Mr. Lopez said the increase in its capacity “does not affect our ability to grow under the legal limits imposed by the Electric Power Industry Reform Act of 2001.”

Shares of First Gen closed at P16.02, up 3.1% yesterday. -- Emilia Narni J. David    source

First Gen buys out British Gas for $360M


Business World Online
Posted on May 30, 2012 11:02:48 PM

FIRST GEN Corp. has amassed full ownership of a subsidiary behind two gas-fired power plants in Batangas after acquiring the remaining 40% stake from the British Gas (BG) Group for $360 million, the Lopez-led firm said in a statement yesterday.

THE STA. RITA power plant seen in this photo along with the nearby San Lorenzo facility is now wholly owned by First Gen Corp. after the Lopez-led firm bought out its partner.
The acquisition caps two years of talks between First Gen and BG, which had been disposing of its international assets.

First Gen acquired the equity interest of Lisbon Star Management Ltd. (LSML) from BG Asia Pacific Holdings Pte. Ltd. through a share purchase agreement.

LSML is the parent firm of BG Consolidated Holdings (Philippines), Inc.

and BG Philippines Holdings, Inc. which own the 40% stake in First Gas. It is registered in the British Virgin Islands.

The acquisition was made through First Gen’s subsidiary Blue Vulcan Holdings Corp.

First Gas operates the 1,000-megawatt (MW) Sta. Rita and 500-MW San Lorenzo natural gas-fired power plants in Batangas.

First Philippine Holdings also executed a Deed of Termination and Release on its joint venture agreements with the BG Group.

“We are extremely pleased with the closing and completion of this transaction. Sta. Rita and San Lorenzo continue to perform reliably and have delivered consistent returns since the start of their commercial operations in 2000 and 2002, respectively...” First Gen Chairman and Chief Executive Federico R. Lopez said in the statement.

“Our partnership with BG in the gas projects has been one of the most successful foreign partnerships in the country,” he said.

The natural gas plants were reportedly the Lopez group’s largest foray into the power generation business prior to the acquisition of the Energy Development Corp. and were deemed instrumental in making the Malampaya gas-to-power project viable.

The transaction was funded by the proceeds of the firm’s recent series “G” perpetual preferred share issuance along with loans and internal funds.

The British group first offered its stake to Korea Electric Power Corp. for $400 million in September 2010 but First Gen questioned the sale and exercised its right of first refusal.

British Gas sold off its energy assets in the United States in 2010 and was actively seeking to divest many of its international projects.

With the conclusion of the purchase, First Gen’s attributable capacity is now at 2,144 MW from 1,544 MW.

Mr. Lopez said the increase in its capacity “does not affect our ability to grow under the legal limits imposed by the Electric Power Industry Reform Act of 2001.”

Shares of First Gen closed at P16.02, up 3.1% yesterday. -- Emilia Narni J. David   source

First Gen buys out 40% OF British Gas stake in power plants

By: Amy R. RemoPhilippine Daily Inquirer
Lopez-led First Gen Corp. has acquired the 40-percent stake of the British Gas Group in the 1,500-megawatt natural gas facilities in Batangas for $360 million (roughly P15.5 billion), giving the power firm full control over the two power plants.
“We are extremely pleased with the closing and completion of this transaction. Sta. Rita and San Lorenzo continue to perform reliably and have delivered consistent returns since the start of their commercial operations in 2000 and 2002, respectively,” said First Gen chairman and CEO Federico R. Lopez.
“The natural gas plants were the Lopez group’s largest foray into the power generation business, prior to Energy Development Corp., and have been instrumental in making the Malampaya gas-to-power project viable. Our partnership with BG in the gas projects has been one of the most successful foreign partnerships in the country,” Lopez said.
The 1,000-MW Sta. Rita and 500-MW San Lorenzo power plants, which generate roughly a fifth of Luzon’s power requirements, consume half of the available gas from the Malampaya gas field off Palawan.   source

Meralco seeks perks for $1.28B project

Philippine Daily Inquirer
Manila Electric Co. (Meralco), the country’s biggest power distributor, is seeking incentives from the Board of Investments (BoI) for its $1.28 billion (roughly P55 billion) coal-fired power plant project in the Subic freeport.
Meralco president and CEO Oscar S. Reyes said Wednesday the company had filed for BoI registration, with an endorsement from the Department of Energy, as it intends to pursue the Subic project as scheduled, despite protests lodged against it.
According to Reyes, the company remains committed to operating the 600-megawatt coal power plant by 2015 to shore up power supply in the Luzon grid.
The construction of the facility is being undertaken by subsidiary Meralco PowerGen Corp., through a joint-venture vehicle company named Redondo Peninsula Energy Inc. (RP Energy).
Meralco PowerGen is the controlling shareholder of RP Energy with 50 percent plus two shares, while Aboitiz Power Corp., through subsidiary Therma Power Inc., and Taiwan Cogeneration International Corp. (Philippine branch) own the remaining shares equally.
Meralco chairman Manuel V. Pangilinan, meanwhile, said the Subic coal project was “in an advanced stage of development with site preparation nearing completion and the grid impact study for transmission lines and interconnection well underway.”
The grid impact study, according to Pangilinan, seeks to identify the most efficient way to connect the RP Energy plant to the grid transmission system of National Grid Corp. of the Philippines.
“We are scheduled to award the contract for the engineering, procurement and construction contract in the third quarter of 2012. Meralco PowerGen is also working in a broad range of pre-development studies in other power-generating projects using clean coal, natural gas, liquefied natural gas and hydro as fuel sources,” he said.—Amy R. Remo    source

First Gen acquires 40% of First Gas holdings


business mirror

WEDNESDAY, 30 MAY 2012 22:55 PAUL ANTHONY A. ISLA / REPORTER


LISTED First Gen Corp. said on Wednesday it acquired the entire outstanding capital stock of Lisbon Star Management Ltd. (LSML) from BG Asia Pacific Holdings Pte. Ltd. (BGAPH).
The stocks, equivalent to 40 percent of First Gas Holdings Corp. (FGHC), were acquired for P360 million.
In a disclosure to the Philippine Stock Exchange, First Gen said LSML is a company registered in the British Virgin Islands.  LSML’s Philippine subsidiaries—BG Consolidated Holdings (Philippines) Inc. and BG Philippines Holdings Inc. ”own 40-percent interests in FGHC, FGP Corp. [FGP] and First NatGas Power Corp. [FNPC],” First Gen said.
Following the acquisition of LSML, First Gen will beneficially own 100 percent of the Santa Rita and San Lorenzo power projects. 
First Gen said the acquisition was made through its wholly owned subsidiary Blue Vulcan Holdings Corp. (BVHC), which signed and closed a share purchase agreement with BGAPH on May 30, 2012. 
FGHC, through its wholly owned subsidiary, First Gas Power Corp. owns and operates the 1,000-megawatt (MW) combined cycle Santa Rita natural gas-fired power plant. FGP owns and operates the 500-MW combined cycle San Lorenzo natural gas-fired power plant.
  FNPC is the corporate vehicle for the development of the San Gabriel power plant project.
  “We are extremely pleased with the closing and completion of this transaction.  Santa Rita and San Lorenzo continue to perform reliably and have delivered consistent returns since the start of their commercial operations in 2000 and 2002, respectively,” Federico R. Lopez, First Gen chairman and chief executive, said.
The natural gas plants are the Lopez group’s largest foray into the power generation business prior to Energy Development Corp.  (EDC) and have been instrumental in making the Malampaya gas-to-power project viable, he added.
“Our partnership with BG in the gas projects has been one of the most successful foreign partnerships in the country.
This transaction increases First Gen’s attributable ownership by 600 MW to 2,144 MW and does not affect our ability to grow under the legal limits imposed by the Electric Power Industry Reform Act [Epira],” Lopez said.
BVHC will fund the acquisition with the proceeds of the recently issued P10-billion Series “G” Perpetual Preferred Shares of its parent First Gen, loans and internal cash.
First Gen is the largest vertically integrated power producer in the Philippines, with a capacity of 2,763 MW of clean and renewable energy in its portfolio.  First Gen’s net attributable capacity has increased to 2,144 MW from 1,544 MW with the conclusion of this purchase, and has a total of 15 power plants powered by indigenous fuel. These are natural gas, geothermal steam and hydro, which accounts for approximately 18 percent of the total installed capacity in the country.   source

Meralco files for tax breaks ahead of policy tightening

Business World Onine 
Posted on May 30, 2012 10:49:15 PM

THE POWER generation unit of distribution utility Manila Electric Co. (Meralco) hopes to bag tax breaks for a planned 600-megawatt, coal-fired power plant in Subic before the government finalizes stricter rules for incentives.

MANILA Electric Co. is moving to diversify away from its core power distribution business and add energy generation to its portfolio to gain more control over supply prices.
“The Subic project is moving and we recently filed for our Board of Investments (BoI) registration with the proper endorsement from the Energy department,” said Meralco President and Chief Executive Oscar S. Reyes in an interview yesterday.

Firms successfully registered with the BoI are granted incentives such as income tax holidays and duty-free importation of equipment under the annually drafted Investment Priorities Plan.

The latest proposal up for approval at MalacaƱang, however, seeks to limit incentives only to renewable power projects or those that locate in far-flung provinces or Mindanao where supply is tight.

Sought for comment, Trade Undersecretary Cristino L. Panlilio said “[Meralco’s application] can still fall under the present investment priorities plan.”

Meralco’s subsidiary Meralco PowerGen Corp. partnered with Aboitiz Power Corp. and Taiwan Cogeneration Corp. to build the coal-fired power plant in Subic which is expected to be completed in 2015. The plant is estimated to cost around $1.2 billion.

Part of the funding for the facility will be sourced through a consortium of banks composed of BDO Unibank, First Metro Investment Corp. and the Philippine National Bank.

Mr. Reyes went on to note the firm is also in discussions with the National Grid Corporation of the Philippines for transmission lines that will distribute power from the plant to the electric grid.

Earlier this year, the Subic Bay Metropolitan Authority (SBMA) reviewed its contract with Meralco and Aboitiz so it will be more economically beneficial to Subic.

Mr. Reyes said the “certain matters that the SBMA raised with us are being addressed as well.”

He added the firm is in constant communication with stakeholders in the area.

The Energy department earlier said it is working out an agreement that will be beneficial for all parties regarding the Subic coal project.

Meralco is entering the power generation sector as it wants to exert more control over power prices. It plans to source from its own facilities as well as enter into lower priced power supply agreements. -- ENJD    source

EDC claims no technical capability to prioritize power dispatch to NorthCot


By Malu Cadelina-Manar | Thursday| May 31, 2012 
KIDAPAWAN CITY (MindaNews/30 May) – The Energy Development Corporation (EDC), owner of two geothermal power plants at Mount Apo, has maintained its position that it has no technical capability to effect the prioritization of dispatch of their produced electricity to Cotabato Electric Cooperative (Cotelco).
The Cotelco provides electricity to Kidapawan City and 17 towns in North Cotabato.
In a statement, the EDC cited as basis for its claim Section 6.a. (2) of the Department of Energy (DoE) Regulations Number 1-94, which categorically states that is the National Power Corporation that shall effect the prioritization of the load dispatch benefit if the generating facility has no contract or agreement with the distribution utility in the host LGU’s area.
“In this case, the EDC has no contract with Cotelco. Its contract is with NPC to which it delivers its entire output. Thus, the EDC has no technical capability to effect the prioritization of the load dispatch to the [Cotelco],” said Ivy Henson, EDC press relations officer.
The geothermal power plants could produce up to 104 megawatts of electricity, data showed. Twenty-five percent of its output is equivalent to 26MW.
Henson said they released the statement as a reaction to claims made by Makabayan, an alliance of progressive groups in North Cotabato, that the company should prioritize Cotelco in its load dispatch.
Makabayan and other multi-sectoral groups held a protest rally in Kidapawan City on May 24 where they demanded, among other things, the load prioritization.
Ruby Padilla-Sison, one of the convenors of the Makabayan, said it is very ironical that the province hosts two geothermal power plants at Mount Apo yet in times of energy shortage, “we’re given only few megawatts of power.”
Sison cited, as an example, the situation in April this year where Cotelco was given only 15.4MW of load from the Mindanao grid, which was, “way, way below the 26MW that should be dispatched to [Cotelco].”
From April 17 until first week of May, the province experienced eight hours of rotating blackouts, she noted.
Meantime, the Makabayan, in a statement issued today, said it is opposed to the proposed construction of another geothermal well at Mount Apo, saying the facility will only benefit multinational corporations and “not the majority poor Filipinos.”
The EDC plans to construct a 50MW geothermal plant in addition to its two plants located at Barangay Ilomavis here.
The commissioning of the project is expected in 2015, reports said.
“We are not assured of preferential and direct supply of electric power for Kidapawan City and the province as a whole. Terms of this provision under the memorandum of agreement (MOA) are gray and vague. We have been deceived of this provision in the first two wells endorsed by both Kidapawan and Cotabato LGUs in the early ’90s. We can’t allow being deceived again this time,” the statement said.
Also, the group said that the proposed memorandum of agreement for the third geothermal plant promised financing assistance of the government’s rural electrification program in North Cotabato yet “data showed that hosting power generating projects is not tantamount to high efficiency rate of rural electrification program.”
The Makabayan furnished copies of its unified position to the city council, which on Thursday passed a resolution granting Mayor Rodolfo Gantuangco the authority to enter into a MOA with the EDC after it endorsed the construction of additional geothermal plant. (Malu CadeliƱa Manar / MindaNews)   source