By
Lenie Lectura - December 18, 2016
THE National
Transmission Corp. (Transco) and the Manila Electric Co. (Meralco) are jointly
seeking the Energy Regulatory Commission’s (ERC) approval of the sale of
subtransmission assets (STAs) to the country’s largest distribution-utility
(DU) firm.
TransCo has already
negotiated and concluded a contract to sell with Meralco dated December 23,
2015, covering three STAs worth P204,162,119.75. However, both parties still
need to seek regulatory approval before the contract takes effect. The STAs
Meralco wants to pursue are the Bolbok-Mahabang Parang-Concepcion 13.8 kilovolt
(kV) line; Dasmariñas equipment; and the Biñan 115-kV switchyard.
Under the terms of the
contract, the total purchase price shall be paid by Meralco in cash or in the
form of manager’s or cashier’s check within 60 days from its receipt
of the notice of the ERC’s final approval of the contract.
Meralco is the only DU
utilizing the assets and, according to Transco, possesses the technical and
financial qualifications to acquire, operate, maintain, expand and upgrade the
STAs within its franchise area.
“The approval by the
commission shall pave the way for the attainment of a reformed electricity
industry under the Electric Power Industry Reform Act, or Epira, which would
ultimately best serve the interest of the consuming public,” Transco and
Meralco said in their joint application.
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