Manila Standard Today
Power Sector Assets and Liabilities Management Corp. has deferred today’s scheduled auction of the Naga Power Plant Complex.
PSALM president and chief executive Emmanuel Ledesma Jr. said in a statement the board decided to grant the request of the Joint Congressional Power Commission pending a review on the allegedly unfair and illegal condition of the auction, known as a “right to top” the highest bid, granted to SPC Power Corp.
PSALM, National Power Corp. and SPC Power executed a land lease agreement relating to the asset purchase agreement on the Naga Land-based Gas Turbine Plant acquired by SPC Power through public bidding in 2009.
SPC Power was granted the right to top the highest bid on the sale or lease of the properties within the vicinity of the Naga Land-based Gas plant in order to give the winning bidder of the plant the opportunity to expand, subject to the payment of a premium of 5 percent over the highest bid on said adjacent properties.
The Naga complex is located in the vicinity of the Land-based Gas plant. The Naga Complex consists of the 106.8-megawatt Naga Coal Thermal Power Plants 1 and 2 and the 39-MW Naga Diesel Power Plant located in Naga, Cebu.
The plants are under a rehabilitate-operate-maintain-and-manage agreement with Kepco Salcon Philippines Corp., which is set to expire in March 2012.
PSALM received said letter request from the JCPC on Thursday through Senator Sergio Osmeña III, Rep. Henedina Abad and Rep. Lorenzo Tañada III. The PSALM board deliberated on the letter of the JCPC until late Friday. Alena Mae S. Flores
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