The prospective bidders in the 246-megawatt Angat hydropower facility are risk averse because of the fact that the proposed new water protocol is still not finalized until Friday, which is just barely three weeks to April 28 bidding date.

All interested parties indicated that it is a "main concern" because they will have to derive their price offers based on what would be provided in the water protocol.

"Bidders want a water protocol that is predictable, one that will not change overtime. This allows the bidders to value the plant. A protocol that requires continuous approvals is inherently unpredictable," one of the qualified bidders stressed.

In an interview with reporters, acting Energy secretary Jose C. Ibazeta, who is also the vice chairman of the Power Sector Assets and Liabilities Management Corporation, noted that if the new protocol will not be signed by the government agencies concerned, the plan is to revert to the old water protocol.

He qualified that despite some request from parties, PSALM will not defer the scheduled bidding for the Angat plant around end of this month.

"There is an existing protocol, this is the old one and that can be used. It has always been there for the last 50 years, and so far, there was no problem on it. If they (bidders) request for a new water protocol, then we will have that in place. If it's not signed, we can go back to request," Ibazeta said.

In a separate interview, PSALM acting president Ma. Luz Caminero assessed that there is greater probability now that the new protocol will be signed, with both the National Water Resources Board (NWRB) and Metropolitan Waterworks and Sewerage System (MWSS) already agreeing on some parameters that must be included in the protocol.

"We rely on the wisdom of the NWRB as far as the water protocol for Angat is concerned," the PSALM official noted, indicating that they are confident on a successful bid outcome for the Angat facility.

NWRB, MWSS, National Irrigation Administration (NIA) and National Power Corporation (NPC), along with PSALM, will be the signatories in the protocol.