POWER Sector Assets and Liabilities Management Corp. plans to bid out the contracted capacities of the 640-megawatt Unified Leyte geothermal plant and 150-MW Casecnan hydropower plant late this year.
“We are targeting Unified Leyte and Casecnan later this year [4th quarter],” Emmanuel Ledesma, president of the power privatization firm, told reporters.
PSALM said it would proceed with the Unified Leyte and Casecnan bidding shortly after the rebidding of Power Barge Nos. 101 to 104 in mid-September.
The bidding of the power barges was declared a failure in May, after only one of the seven qualified bidders submitted an offer for the assets.
The previous draft bidding rules state that the Unified Leyte capacity will be divided on a 60-40 basis, which means the capacities will be bid out at 384 MW and 255 MW, respectively.
“Sixty-forty is the current division in the bidding process for Unified Leyte that has been suspended,” Ledesma said.
The 19th status report on the implementation of the Electric Power Industry Reform Act said the Unified Leyte capacities would be split due to the concern of investors on the market cap for the Visayas.
“In order not to violate the market cap provisions under the Epira, the bidding rules has indicated that capacities will be divided at 60-40, which means that the capacities will bid out at 384 MW and 255 MW, respectively,” the report said.
The report said four investor groups signified interest when the government announced in June 2010 the resumption for the bidding of the contracted capacity of the Unified Leyte geothermal power plants.
The bidding for the Unified Leyte contracts was postponed in 2010 in line with the government’s deferment of the privatization process.
The administrator of the Unified Leyte power plants will manage the contracted annual energy output from the power purchase agreements between state-owned National Power Corp. and Lopez-controlled Energy Development Corp. These contracts will expire in 2025 and 2026.
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