Business World Online
Posted on October 17, 2012 12:15:55 AM
THE POWER Sector Assets and Liabilities Management Corp. (PSALM) hopes to hold the third auction for the 145.8-megawatt Naga power plant complex before yearend, a high-ranking official said yesterday.
PSALM Vice-President Conrad S. Tolentino said the auction should be held in November up to early December.
“We’re timing the bidding so that the award of the new contract comes before the expiration of extension in December,” he added.
PSALM is the state agency tasked to sell the assets of the National Power Corp., as provided by Republic Act 9136 or the Electric Power Industry Reform Act.
The Naga power plant complex -- which is composed of three thermal power plants that use diesel, bunker oil and coal as fuel -- is currently run by listed SPC Corp. under an extended operation and management (O&M) contract after its contract expired last Sept. 25.
“Naga [power plant complex] is being operated by SPC Corp. under an extension of its O&M contract with PSALM. This is only while we are procuring a new contract,” Mr. Tolentino explained.
PSALM gave SPC a three-month contract extension after the failure of two auctions in February and June.
PSALM said the first bidding failed due to lack of bidders and the second because only one firm submitted a bid. -- Claire-Ann Marie C. Feliciano source
“We’re timing the bidding so that the award of the new contract comes before the expiration of extension in December,” he added.
PSALM is the state agency tasked to sell the assets of the National Power Corp., as provided by Republic Act 9136 or the Electric Power Industry Reform Act.
The Naga power plant complex -- which is composed of three thermal power plants that use diesel, bunker oil and coal as fuel -- is currently run by listed SPC Corp. under an extended operation and management (O&M) contract after its contract expired last Sept. 25.
“Naga [power plant complex] is being operated by SPC Corp. under an extension of its O&M contract with PSALM. This is only while we are procuring a new contract,” Mr. Tolentino explained.
PSALM gave SPC a three-month contract extension after the failure of two auctions in February and June.
PSALM said the first bidding failed due to lack of bidders and the second because only one firm submitted a bid. -- Claire-Ann Marie C. Feliciano source
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