PNOC-EDC eyes Napocor assets on auction block

PNOC-EDC eyes Napocor assets on auction block

Last updated 07:54am (Mla time) 07/30/2007

THE PNOC Energy Development Corp. (PNOC-EDC) has said it will join the bidding for National Power Corp.’s geothermal assets as soon as it secures the consent of the Power Sector Assets and Liabilities Management Corp.


Paul Aquino, PNOC-EDC president, said he would write PSALM to seek clarification on whether the company, 53 percent of which is privately owned, could join the bidding for the Napocor assets.


“Whether we’re fully privatized or 60-percent privatized or 50-percent privatized, it’s the same banana,” Aquino told reporters. “Now, we believe we can. But we will write PSALM about our eligibility to bid for Napocor plants.”


If PSALM were to tell PNOC-EDC that it could participate in the auctions, then the company would definitely look at all the Napocor geothermal assets on the auction block, he said.


“We’re not talking of any specific plant,” Aquino added. “We’re just saying that we’re 53-percent private, and we’re no longer considered a (government-owned or -controlled corporation), as certified by the Department of Energy. The question is can we bid?”


PSALM vice president for asset management and electricity trading Froilan Tampinco said PNOC-EDC’s request for clarification would be carefully studied.


“If they’re now considered private and if they will prequalify, then they can bid,” Tampinco said in a separate interview.


PSALM plans to sell the Tiwi-Makban geothermal facilities later this year and the Palinpinon and Tongonan plants next year.

Abigail L. Ho


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