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PIA Press Release

PSALM holds pre-bid conference for decommissioned Cebu II plant

Manila (27 November) -- The sale of the government's power assets continued Wednesday (26 November 2008) as the Power Sector Assets and Liabilities Management Corporation (PSALM) held the Pre-bid Conference for the decommissioned 54-megawatt Cebu Diesel Power Plant II (Cebu II).

All four of the interested parties attended the pre-bidding event where they clarified concerns regarding the sale of the non-generating power asset, specifically the Bidding Procedures.

PSALM said the four Filipino investor groups had submitted all the preparatory requirements for the Cebu II power plant auction. Two of the four parties are participating in PSALM's bidding exercises for the first time.

As stipulated in the Invitation to Bid it issued last 30, 31 October and 01 November 2008, PSALM is selling only the "structures, plant equipment, auxiliaries and accessories" of the Visayas-based power asset.

The interested parties are currently conducting Due Diligence on the Cebu II power plant. This activity will continue until 19 January 2009.

PSALM will hold the bidding for the decommissioned facility on 21 January 2008.

The Cebu II power asset has three generating units which were commissioned between May 1982 and April 1983. Originally designed to operate as a base-load plant, the Cebu II facility underwent preservation on 01 December 1997. It is located in the municipality of Talavera in Toledo, Cebu province.

PSALM successfully sold its first decommissioned power asset early this year after concluding the negotiated sale of the Manila Thermal Power Plant with Gagasan Steel Inc. Last 15 May 2008, PSALM issued the Notice of Award to Gagasan Steel, formally declaring the company as the new owner of the retired power plant. (PSALM) [top]

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