State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking offers for P686 million worth of fuel requirements to run the government-owned Malaya Thermal Power Plant this year. In a notice, PSALM said it is bidding out a one-year contract for the supply and delivery of industrial fuel oil for the 650-megawatt (MW) Malaya…
Tag: Power Sector Assets and Liabilities Management Corp.
PSALM eyes Sucat plant privatization by 1st half 2017
THE Power Sector Assets and Liabilities Management Corp. (PSALM) has pushed back the target bidding schedule for the 850-megawatt (MW) Sucat thermal power plant in Muntinlupa City. Lourdes S. Alzona, PSALM officer-in-charge, told reporters on the sidelines of an energy investment forum on Tuesday that the target privatization would be in the first half of…
Senate resolution seeks probe into PSALM dividend non-remittance
THE Senate has asked state agency Power Sector Assets and Liabilities Management Corp. (PSALM) to explain the non-remittance of P27.28 billion in dividends to the national government, which it said covered the “past decade.” “PSALM must provide a detailed accounting of its liabilities to the national government and give a satisfactory explanation as to why…
Aboitiz keen on plant auctions
THE ABOITIZ power group is keen on participating in auctions for the remaining power generation assets that the government is planning to privatize within the next three years, its top official said on Wednesday. This comes as the Power Sector Assets and Liabilities Corp. (PSALM) announced that it was targeting to privatize next year the…
PSALM seeks to recover P27.7 B
The Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking regulatory approval for power rate adjustments to cover the stranded debt of the National Power Corp. (Napocor) as well as the fuel and foreign exchange costs incurred last year. In its first filing, PSALM wants to recover P27.67 billion worth of stranded debt of…
Power team-up looms between MVP, RSA camps for Ilijan
Another partnership looms between the camps of Manuel V. Pangilinan and Ramon S. Ang as talks for a possible deal in power generation have started. In a disclosure to the Philippine Stock Exchange yesterday, San Miguel Corp. (SMC) said it is discussing with Manila Electric Co. (Meralco) a possible investment of up to 49 percent…
PSALM seeks ERC approval to recover NPC fuel expenses for Visayas clients
THE Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking regulatory approval to recover fuel and purchased power costs by the National Power Corp. (NPC) in the Visayas. PSALM, tasked to privatize NPC’s power assets to help generate funds to pay off NPC’s debts, has applied before the Energy Regulatory Commission (ERC) for a P0.4367…
DOF wants all power assets sold in 3 years
The Department of Finance wants to sell all government power assets in a span of three years to boost revenues. “The original plan for PSALM (is) to get rid of the assets after five years. That was 10 years ago. We have to speed up their disposal of assets,” Finance Secretary Carlos Dominguez said. Pressed…
PSALM turns over power barge to SPC Power
State-run Power Sector Assets and Liabilities Management (PSALM) Corp. has turned over the 32-megawatt (MW) Power Barge 104 to new owner SPC Power Corp. PSALM said in a statement yesterday the ceremonial turnover took place on June 30, which the signals that operational and management responsibilities and duties for PB 104 are now transferred to…
PSALM seeks guidance on sale of power assets
State-run Power Sector Assets and Liabilities Management (PSALM) Corp. still has P565 billion in financial obligations for its remaining 10-year corporate life. To reduce its obligations, the state-run agency is seeking guidance on the sale of its remaining power-related assets and a handful of real estate properties from the new administration, a ranking official said. Read…
ERC forms 2 divisions to speed up price collusion probe
The ERC has formed two divisions for a speedy decision-making on the cases of 12 power players that withheld power supply in December 2013 which resulted in record high increase in electricity rates. Currently pending is the decision on the 13 complaints from the ERC-Investigating Unit in violation of Section 45 of Republic Act No. 9136 pertaining…
CTA: PSALM must pay VAT for 2008
THE COURT of Tax Appeals (CTA) has affirmed a division ruling that ordered the Power Sector Assets and Liabilities Management Corp. (PSALM) to pay at least P9.57 billion in value-added tax (VAT) for the year 2008. In a 14-page en banc decision dated May 17, the CTA voted 8-1 to affirm the Third Division’s Dec….
Winnergy Holdings Corp. 