The Department of Energy is considering leasing the facilities of power generating firms in a bid to supplement power supply in light of the looming energy crisis next year.
Energy Secretary Carlos Jericho Petilla told reporters recently that the rental rate contemplated for the use of the said facilities is pegged at $18 million to $20 million per year for two years.
“They (power firms) wanted the government to lease their facilities but the gas will be provided by the government. That arrangement is actually cheaper for the government,” he said.
While admitting that the move to lease power facilities is expensive, Petilla underlined that the effect of power outages on the economy would be steeper.
Meanwhile, the Energy Secretary explained that the Power Sector Assets and Liabilities Management Corp., the government agency tasked to privatize state-owned power assets, would facilitate the leasing process. Congress, on the other hand, would be tasked to determine the sources of funds for the lease.