NGCP to spend P14.3B for capex this year

The National Grid Corp. of the Philippines, operator of the country’s electricity superhighway, is spending P14.3 billion for 2012 alone to fund the construction and installation of critical transmission and substation projects.

Documents from the NGCP showed that this year’s capital expenditure budget was slightly lower by 6.5 percent compared to last year’s spending of P15.3 billion.

NGCP president Henry Sy Jr., however, admitted that this year would be “another challenging year for us, with our many projects lined up to further improve the operation and management of the Philippine transmission backbone.”

“Needless to say, NGCP’s continuous evolution, reformation and improvement will require our sustained commitment, dedication and hard work,” Sy said in a statement.