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By Euan Paulo C. Añonuevo,
Reporter
AFTER several delays, state-run
Power Sector Assets and Liabilities Management Corp. (PSALM) said it
would meet its privatization threshold under the government’s
power sector reform program in three months’ time.
Jose Ibazeta, PSALM president,
said the sale of at least 70 percent of state-owned National Power
Corp.’s (Napocor’s) generating capacity would be achieved
“hopefully by September.”
The privatization threshold is
one of two unmet requirements under the Electric Power Industry
Reform Act of 2001 (Epira) before consumers could begin enjoying the
benefits of open access.
Among such benefits include lower
power rates, as end-users would be allowed to choose their
suppliers. The other Epira requirement is the disposal of at least
70 percent of Napocor’s contracted capacity.
The government as well as the
private sector expects the open access scheme to bring down the
country’s electricity rates, which are the second highest next to
Japan in Asia.
Psalm so far bid out 12 power
plants, representing 48.9 percent of the target.
Since the start of the year, the
agency’s privatization efforts hit a snag, with the bidding for
the 0.8-megawatt Amlan hydroelectric power plant, the 747-megawatt
Tiwi-MakBan geothermal Ibazeta said Psalm’s setbacks will not
affect its schedule for the other plants, which are “independent
of one another.”
He said PSALM may already reach
the 70 percent threshold “at the soonest” by September with the
sale of the 146.5-megawatt Dingle diesel plant, Amlan and
Tiwi-MakBan facilities in the coming weeks.
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