By Neil Jerome C. Morales (The Philippine Star) Updated October 20, 2012 12:00 AM
MANILA, Philippines - Mindanao-based energy firm Alsons Consolidated Resources Inc. (ACR) has obtained preliminary approval for the purchase of a diesel-fueled power plant.
The green light from the Commission on Audit (COA) will increase available electricity in Mindanao next year, an official from the Department of Energy (DOE) said.
“[The Iligan diesel plant] is okay to be sold but COA has some requirements,” said DOE Undersecretary Josefina Patricia Asirit.
State auditors decided favorably on the sale of the 100-megawatt (MW) power plant on Oct. 8, Asirit said.
The Iligan diesel plant, which was last operated in 2010, will be sold to ACR subsidiary Conal Holdings Corp. after it was acquired by the local government due to tax delinquency.
The purchase and the resumption of the power plant’s operations require COA clearance.
An official of ACR refused to comment on the development pending a formal disclosure to the local bourse.
ACR, which currently has a total generating capacity of 155 MW, is banking on the acquisition of the diesel-fueled power plant to increase its profits this year.
Asirit said the conditions set by state auditors include the parties’ clarifications on questions of the cost of the power plant and the inclusion of off-site facilities in the transaction.
Asirit said the National Grid Corp. of the Philippines will coordinate with ACR for the operation of the switchyard facility that will connect the Iligan power plant to the Mindanao grid.
In April, ACR announced that it will buy the Iligan diesel plant for P300 million and spend P650 million for repairs.
To date, the diesel power plant is only capable of producing 30 MW given its deterioration.
Asirit said the company can start producing 20 MW from the power plant then increase it to 100 MW in the next six months.
Higher output will come in time for the election season next year, Asirit said.
The DOE hopes to sell the additional electricity through the Interim Mindanao Electricity Market.
To date, Mindanao is suffering from as much as four hours of rotating brownouts due to lack of supply as several power plants were offline. source
The green light from the Commission on Audit (COA) will increase available electricity in Mindanao next year, an official from the Department of Energy (DOE) said.
“[The Iligan diesel plant] is okay to be sold but COA has some requirements,” said DOE Undersecretary Josefina Patricia Asirit.
State auditors decided favorably on the sale of the 100-megawatt (MW) power plant on Oct. 8, Asirit said.
The Iligan diesel plant, which was last operated in 2010, will be sold to ACR subsidiary Conal Holdings Corp. after it was acquired by the local government due to tax delinquency.
The purchase and the resumption of the power plant’s operations require COA clearance.
An official of ACR refused to comment on the development pending a formal disclosure to the local bourse.
ACR, which currently has a total generating capacity of 155 MW, is banking on the acquisition of the diesel-fueled power plant to increase its profits this year.
Asirit said the conditions set by state auditors include the parties’ clarifications on questions of the cost of the power plant and the inclusion of off-site facilities in the transaction.
Asirit said the National Grid Corp. of the Philippines will coordinate with ACR for the operation of the switchyard facility that will connect the Iligan power plant to the Mindanao grid.
In April, ACR announced that it will buy the Iligan diesel plant for P300 million and spend P650 million for repairs.
To date, the diesel power plant is only capable of producing 30 MW given its deterioration.
Asirit said the company can start producing 20 MW from the power plant then increase it to 100 MW in the next six months.
Higher output will come in time for the election season next year, Asirit said.
The DOE hopes to sell the additional electricity through the Interim Mindanao Electricity Market.
To date, Mindanao is suffering from as much as four hours of rotating brownouts due to lack of supply as several power plants were offline. source
No comments:
Post a Comment