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PIA Press Release

TransCo's total asset sales hits P2.09-B

by Prix D Banzon

Davao City (4 July) -- The recent sale of sub-transmission assets of the National Transmission Corporation (TransCo) to Davao Oriental Electric Cooperative (Doreco) brought to P2.09 billion the total asset sales of the state owned corporation after it started its divestment program in 2004.

TransCo corporate communications officer for Southeastern Mindanao area Milfrance Capulong said some P67.1 million lease agreement was entered into between the government corporation and Doreco for the sale of sub-transmission assets comprising 57.18 circuit kilometers of lines and 420 structures.

The signing of the agreement which was held at the TransCo Head Office in Quezon City were represented by Arthur N. Aguilar, president and CEO of TransCo and Doreco Board President Villanueva P. Olea and general manager Greory A. Dukil.

Part of the lease agreement was the Manikling-San Isidro and Pintatagan-Mati 69-kilovolt lines and the Pintatagan Switching Facility.

"The sub-transmission assets include lines typically rated at 69 KV and facilities directly connected to distribution utilities", she said.

She said Doreco is the 12th distribution utility in Mindanao that enters into a divestment agreement with TransCo. Doreco will pay TransCo P13.41 million or 20 percent of the purchase price upon the agreement's approval by the Energy Regulatory Commission (ERC) and the balance payable in 18 years.

Doreco, she said, supplies electricity to Mati City and the municipalities of Lupon, Banaybanay, San Isidro, Baganga, and Cateel in Davao Oriental.

Meanwhile Capulong said all sub-transmission divestment contracts become effective only upon approval of the ERC.

The regulatory body, she said has so far approved three sub-transmission divestment contracts. Ten other contracts are still awaiting ERC approval. Hearings are ongoing for eight other contracts which have been filed at the ERC.

Electric cooperatives interested in acquiring these assets have the option to pay in cash or enter into a more affordable and manageable lease purchase agreement with TransCo. (PIA XI) [top]

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