The Department of Energy will be meeting Korea Water Resources Development Corp. (K-Water), the leading water resources and power firm in South Korea, to discuss the turnover of 218-megawatt component of the Angat hydroelectric power plant (HEPP).
“I am meeting with them [K-Water], just about some issues of Angat, and how we can have an amicable settlement to make sure everybody is benefiting from it,” Energy Secretary Jericho Petilla said.
Petilla, however, did not give specific details on what really will be discussed.
“Because I am about to negotiate, I cannot tell the details of what we are going to talk about, but what we are looking for is something beneficial to all parties involved,” he said, indicating that the discussion could be about the turnover of the Angat HEPP.
In 2012, K-Water submitted the highest bid of $440.8 million in the auction for the Angat power plant, besting some of the major power industry players in the country.
“All parties are involved. If you satisfy the K-Water and you satisfy the government, it is a win-win situation, that’s what we are looking for,” Petilla further said.
As for the target turnover date, he specified that they haven’t agreed on a specific date yet.
“It’s within the year but if you ask for a date, I don’t have a date yet, it has to be settled as quickly as possible. End of the year is a bit late. We have to settle it as quickly as we can,” he added.
A few days ago, business mogul Manuel Pangilinan expressed his interest to partner with K-Water for the development of the Angat hydro power plant in Bulacan. Pangilinan earlier indicated that he is keen on having a partnership with K-Water for the Angat project.
“We’ve spoken to them [K-Water]. We visited Daejeon, Korea, where their headquarters is. I don’t think they already made a decision which group they will partner with. At least we take a look at it,” he said.