STATE-OWNED National Transmission Corp. (Transco) needs up to P110 billion to develop transmission lines in the Visayas and Mindanao.
Transco Chairman Melvin Matibag said the task would involve constructing transmission lines to connect Visayas and Mindanao. It would cover the provinces of Antique and Mindoro, Bohol and Cebu, and Panay and Negros.
Matibag said Transco had yet to validate the indicative amount for the initiative, which he described as big-ticket project under Executive Order 30 and based on valuation benchmarks set by the National Grid Corp. of the Philippines (NGCP).
Asked whether the project would be finished in 2022 or even before the Duterte administration ends its term of office, Matibag replied that even chances were that it could be completed in the next four years.
Should Transco take on the challenge of constructing the project, it could be finished in 2020.
Transco intends to tap royalty payments from the Malampaya gas-to-power facility to build the VisMin interconnection so that electricity rates will not increase for the benefit of consumers.
The Department of Energy (DoE) reiterated that using the Malampaya fund for this would require Congressional approval.
The Malampaya fund, based on DoE data, was at P241.37 million as of end-June this year.