By MYRNA M. VELASCO
With President Arroyo’s mandate on energy managers to accelerate the privatization of the generation assets of the National Power Corporation, the Power Sector Assets and Liabilities Management Corporation (PSALM) set next on the auction block the divestment of the 175-megawatt Ambuklao-Binga hydro power facilities.
"The government’s power privatization firm hopes to bid out the Northern Luzon-based power plants by end-November," PSALM said in a statement to media.
The hydro plants, consisting of 75-MW Ambuklao and 100-MW capacity will be sold as a package, according to PSALM.
The notice for invitation to bid was published last August 21; the deadline for submission of letters of interest (LOI) is slated September 14.
Among the first investor-groups to set its eyes on the Binga and Ambuklao plants is the Aboitiz Power Corporation. The company’s acquired hydropower portfolio includes the 360-MW Magat plant in Isabela.
PSALM is inviting interested bidders for a prebid conference on September 26. This is typically the venue for investors to raise their specific concerns on the assets being sold.
In the past divestment of hydropower assets, one of the most crucial undertakings resolved by PSALM is the signing of operation and maintenance (O&M) agreement with the National Irrigation Administration (NIA) for the non-power components of the assets.
The Binga and Ambuklao plants would be the third generation assets of NPC scheduled for bidding within the year.
It must be noted that the government is targetting to raise up to .0 billion proceeds from the privatization of power assets this year, including that from the National Transmission Corporation (TransCo) and the 40 percent shareholdings of the Philippine National Oil Company-Energy Development Corporation.
The Ambuklao and Binga hydropower complexes are located at the upper portion of Luzon’s longest waterway, the Agno River. Binga is sited in Itogon; while Ambuklao is in Bokod town; both in the province of Benguet.
The Ambuklao facility, which has three generating units of 25-MW capacity each, was set on stream in 1956.
The Binga plant which have four generating units of 25-MW each, on the other hand, was commissioned in 1960. The facility can operate as a base-load plant during high water levels and for peaking during low water levels; and also capable of providing supply for ancillary services.
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