China’s biggest power distributor to bid for Transco - Bunye
JIANGXI (via PLDT/SMART) (28 October) -- The biggest power distributor in China will bid for the Philippines National Transmission Corp. (TransCo), which is up for privatization, President Gloria Macapagal-Arroyo's spokesman said here Saturday.
Philippine officials were "impressed with the credentials" of the prospective bidder, State Grid Xiamen Electric, which supplies 88 percent of China's total electricity load and which posted an $89-billion net profit in 2005, Press Secretary Ignacio Bunye said.
"From the point of view of resources, they will be a very suitable candidate, but this is still subject to bidding. The President wished them well," Bunye told reporters on board the Presidential plane, shortly before landing here.
Xiamen Electric will partner with the Philippines' Monte Oro Resources for the Transco bid, he said.
Bunye said the bidding has been scheduled for December.
The government aims to privatize Transco as part of efforts to bring down power rates. (PIA) [top]