PHL sells Angat Dam power plant at lower price to Korea's K-Water

[ysabelameraz]

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The government has accepted a lower purchase price for 218 megawatts (MW) of the Angat Dam hydroelectric power plant in Bulacan from Korea Water Resources Development Corp. (K-Water), an Energy official said.

K-Water's bid was reduced to $439 million from an original $440.88 million in 2010, Power Sector Assets and Liabilities Management Corporation (PSALM) president and CEO Emmanuel R. Ledesma told GMA News Online on Wednesday.

"The roughly $439 million reduced purchase price is a result of the capacity testing of (the hydroelectric power plant's) main units 2 & 4 under the APA (Asset Purchase Agreement)," Ledesma said in a text message to GMA News Online.

The turnover of the facility was set for September 1.

K-Water won the bid for Angat Hydro Electric Power Plant on April 28, 2010, beating rivals First Gen Northern Energy Corp., San Miguel Corp., SN-Aboitiz Power Pangasinan Inc., Trans-Asia Oil & Energy Development Corp., and DMCI Power Corp.

In October 2012, the Supreme Court allowed the sale the power plant to push through despite a petition by Freedom from Debt Coalition (FDC) and other civili society stakeholders to stop the transaction.

They claimed that the sale wrested the full control and supervision of exploring, developing and using natural resources shall from the government.

The hydropower facility was sold under the provisions of the Electric Power Industry Reform Act (EPIRA) over privatizing government assets in the power sector.

Located in Norzagaray, Bulacan, Angat power plant has four 50-MW main units and five auxiliary units with a combined capacity of 46 MW, for a combined capacity of 246 MW.

Under the APA, K-water will own and operate 218-MW of the power plant.

Last year, San Miguel Corp. partnered with K-Water for the right to operate and manage the Angat hydro power plant.

Angat Dam supplies as much as 90 percent of raw water to Metro Manila and irrigates about 28,000 hectares of farmland in Bulacan and Pampanga. – VS, GMA News


Source: PHL sells Angat Dam power plant at lower price to Korea's K-Water* | Economy | GMA News Online

[akoLoloNinja]

tsk tsk tsk.. Essential commodities (water and electricity) now controlled by a private corporation.. Makita lang nya ang scatter ani.. Kaning klasi na negosyo sure man gud na nga wlay lugi.. Priha ra gud ni sa OIL.. Kung naa man gani ni mga gastoonon dayog hapak sa consumidor.. Nya ang ginansya pirminti.. assured na daan ang ginansya..

[H.Wolowitz]

nanay pundo ang liberal party for 2016!

[7DMM]

On the brighter side,better the koreans than the commie tsekwa.

[salbahis]

sometimes privatization brings improvements...

[print+="helloworld"]

Problema na sa mga hakug sa luzon.

[ingkiang]

wala man say ayo ang goberno modala ug mga ingon ani, bati ug service ky kurakuton man ang budget.

[phattchoi]

sayanga oi wala ka daug FG.. hehehe..

[cliff_drew]

On the brighter side,better the koreans than the commie tsekwa.

Still controlled by tsekwa. Remember 60-40 ownership.

Last year, San Miguel Corp. partnered with K-Water for the right to operate and manage the Angat hydro power plant.

More:

K-Water will own a 40% stake while San Miguel Corporation (SMC) will own the other 60% stake in the plant.

http://www.privateequitykorea.com/ma...inalized-soon/

[Romeojin]

^ he meant Chinese. Like kanang mga power grid owned by chinese company.