Quantcast
Latest Stories

PSALM bent on restarting gov’t privatization thrust

By

State-run Power Sector Assets and Liabilities Management Corp. is bent on pushing forward the governments privatization program, which has been stalled for nearly three years.

“[The privatization program] is moving. We are just ironing out a few issues. You will see an acceleration in privatization in the next six to twelve months,” PSALM president and CEO Emmanuel Ledesma Jr. told the Inquirer.

In an interview, Ledesma said the PSALM board already approved the sale of the 146-megawatt Naga power complex in Cebu as a generation asset, and the bidding for the contracted capacity of the 150-MW Casecnan hydropower facility in Nueva Ecija.

The Naga complex consists of three thermal power plants that use a combination of diesel, bunker oil and coal as fuel. These are the coal-fired 50-MW Cebu thermal power plant 1 and 56.8-MW Cebu thermal power plant 2; and the 39-MW Cebu diesel power plant 1.

The Casecnan facility meanwhile is a combined irrigation and hydroelectric power project initiated by the National Irrigation Administration. It was built to generate power and improve the operating performance of the existing downstream hydroelectric power plants in Pantabangan and Masiway, and to irrigate 31,000 hectares of agricultural land. It also stabilizes the water supply of irrigated areas measuring 102,000 hectares.

As for Power Barges 101, 102, 103 and 104, the government will soon sell these diesel-fed assets to the private sector, Ledesma said.

“The PSALM Board’s instruction is to pursue the privatization of the power barges, with the sale structure under discussion between the Department of Energy and PSALM,” he said.

Energy Secretary Carlos Jericho L. Petilla himself stressed that the four power barges have to be privatized “at all cost” despite the obvious lack of private sector interest in the facilities.

So far, only Phinma-led Trans-Asia Oil and Energy Development Corp. has expressed interest in acquiring the power barges on condition that the government must amend certain provisions in the contracts, including the price. The company previously offered P43.83 million for Power Barges 101 and 102; P1 million for Power Barge 3; and P50.13 million for Power Barge 4, or a total of P95 million.

PSALM failed in all three attempts to dispose of the power barges last year.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , electricity , Emmanuel Ledesma Jr. , National Irrigation Administration , News , power industry , Power Sector Assets and Liabilities Management Corp.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace