Danessa
Rivera (The Philippine Star) - June 9, 2019 - 12:00am
MANILA, Philippines —
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) will bid
out the 650-megawatt Malaya Thermal Power Plant (TPP) in August, after tapping
PricewaterhouseCoopers Philippines to do the valuation of the asset.
PSALM has engaged a
consultancy firm for the valuation of the Malaya TPP and its underlying land
after two failed public biddings and four failed negotiated procurements.
PwC Philippines scored
highest among three competing consultancy firms during the negotiated
procurement based on the quality-based evaluation procedure that PSALM
conducted last March 4.
The criteria used in
the bidding comprised 40 percent for experience of the consulting firm, 50
percent on qualifications of consultants and the remaining 10 percent allotted
to approach and methodology.
As the winning
principal consultant, PwC Philippines shall be responsible for the crafting of
financial models and analyses to optimize value for the land and structures of
Malaya TPP.
Meanwhile, sub-consultant Asian Appraisal Co. Inc., shall be responsible for
appraising the land underlying the Malaya TPP and is bound by the same terms
and obligations that apply to the principal consultant.
PwC Philippines will
present the results of its valuation to the board of directors of PSALM in
August, the same day of the conduct of the public bidding for the Malaya TPP
and its underlying land.
The Malaya TPP was
supposed to be bid out last Dec. 14 but the PSALM board decided to push back
the privatization schedule since there was no basis for a base price yet.
The base price for the
asset should have come from third party assessment. However, PSALM had several
failed biddings for consulting services.
At that time, no
consultancy firm participated since the agency required a short period to do
the valuation for the Malaya asset.
For the sale of the
asset, PSALM had previously said there were four qualified bidders namely AC
Energy Inc., DM Wenceslao and Associates Inc., DMCI Power Corp. and FGen
Reliable Energy Holdings Inc.
This was down from the
11 firms that submitted letters of interest (LOIs).
While waiting for the
privatization of the government asset, the Malaya TPP will be operated and
maintained by Korean company Soosan ENS Co. Ltd. (Soosan ENS) for a period of
one year.
PSALM issued the
operation and maintenance (O&M) contract to Soosan, which was declared the
lowest compliant bidder with its P205.73 million offer.
Part of the responsibilities
under the service contract includes the day-to-day upkeep, management and
maintenance or repair of the power plant and its equipment.
Located in Pililia,
Rizal, the facility consists of a 300-MW unit with a once-through type boiler
and a 350-MW unit fitted with a conventional boiler.
It was last
rehabilitated in 1995 by Korea Electric Power Corp. under a 15-year
rehabilitate-operate-manage-maintain agreement.
The Malaya power plant
was designated as a must run unit by the Department of Energy to address supply
deficiency when operating power plants in the grid suddenly bog down or become
unavailable.
No comments:
Post a Comment