The second round of bidding for the 153.1-megawatt (MW) Naga Power Plant failed after only one power company participated in the bid.
The Power Sector Assets and Liabilities Management Corp. (Psalm) said that the second round of bidding for the power plant was declared a failure on Thursday after only one bidder, SPC Power Corp., submitted a bid.
Under Psalm’s bidding procedures, the company’s privatization, bids and awards committee will automatically declare a failure of bidding if only one entity submits a bid.
With the result, Psalm said that it will consult with its board of directors regarding its plans for the Cebu-based power plants.
The Naga Power Plant consists of the 52.5-MW Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 composed of six 7.3-MW bunker-C fed power units.
The power plants are located in Barangay Colon, Naga City, Cebu.
In July, the auction for the Naga Power Plant was declared a failure for the first time, after only one bidder fully complied with the bid requirements.