By Alena Mae S. Flores | Posted on Aug. 23, 2013 at 12:02am
Meralco PowerGen Corp., the power generation unit of Manila Electric Co., wants to resume negotiations with K-Water Resources Corp. of Korea on the possibility of jointly operating the 218-megawatt Angat hydropower plant in Bulacan province, a company executive said Thursday.
“The company would entertain a discussion [with K-Water] to know more about the project, if given the opportunity. We cannot say we are interested until we know what the transaction is,” Meralco PowerGen managing director Aaron Domingo said.
Domingo said while there were initial talks with K-Water for the Angat facility, “it did not progress.”
He denied Meralco was dropping its bid for Angat, after other companies expressed interest in the project.
San Miguel Corp. also expressed interest in a possible joint venture with K-Water for the Angat hydro plant.
“We’re still in talks. No details yet,” San Miguel president Ramon Ang said, when asked for comment on the status of San Miguel’s negotiations with K-Water.
San Miguel earlier said its board authorized the management to “discuss, negotiate, and to enter into a joint venture with K-Water under terms and conditions favorable to the company, to create an entity to undertake the administration, rehabilitation, operation and management of the Angat hydropower plant.”
San Miguel has an installed capacity of 2,545 MW to date. The company had a 17-percent market share of the power supply of the national grid and 23-percent share of the Luzon grid as of end-2012. source
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