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PIA Press Release

PSALM launches sale of Panay-Bohol plant package

Manila (16 July) -- The Power Sector Assets and Liabilities Management Corporation (PSALM) today opened the sale of the 146.5-megawatt (MW) Panay and 22-MW Bohol diesel power facilities with the issuance of an Invitation to Bid (ITB) for the generation plant package.

The ITB states that interested parties should submit a Letter of Interest to PSALM not later than 5 p.m. of 30 July 2008.

Interested investor groups are also required to pay a non-refundable fee of USD2,000.00 and execute a Confidentiality Agreement and an Undertaking with the government power privatization firm. The deadline for submission of these initial requirements is on 01 August 2008.

Qualified investor groups can conduct their due diligence from 17 July to 27 October 2008.

The Pre-Bid Conference for the prospective bidders of the Visayas-based power assets is on 06 August 2008 at the PSALM offices in Makati City. The Bid Date is set on 29 October 2008.

In its original asset sale schedule for 2008, PSALM packaged the Panay diesel plant with the 192.5-MW Palinpinon geothermal plant. But because the long-term steam supply agreement to be attached to the Palinpinon plant still has to be approved by the Joint Congressional Power Commission (JCPC), the PSALM Board decided to move the sale of the geothermal asset to 2009. Under JCPC Resolution 2006-1, the agreement, now known as the geothermal resources supply contract, is subject to the commission's approval.

The PSALM Board formally announced the withdrawal of the bidding for the Palinpinon-Panay package in a Supplemental Bid Bulletin (SSB) it issued last 03 July 2008 to the prospective bidders. This clarifies reports that the privatization of the Palinpinon plant was moved to November.

The Panay Diesel Power Plant facility consists of the 36.5-MW Panay 1 Diesel Power Plant and the 110-MW Panay 3 Diesel Power Plant. Panay 1 was commissioned in 1979, while Panay 3, which is also known as the Pinamucan Diesel Power Plant, was relocated from its Batangas site after the expiration of the BOT (Build-Operate-Transfer) contract with Enron Power Development Corporation in 2003. The plant was transferred to its present location to prevent a potential near-term power shortage and to provide voltage stabilization in the island of Panay.

The Panay 1 and 3 diesel plants are the only land-based facilities of the National Power Corporation in the island. They are peaking plants that provide ancillary services such as backup power, load following, system frequency, and voltage regulation.

The Bohol Diesel Power Plant, National Power's first diesel plant in the country's Jewel Island, was originally constructed together with the 1.2-MW Loboc hydro plant to provide electricity to nearby towns. Consisting of four 5.5-MW identical generating units, the Bohol facility continues to operate as a peaking and voltage-regulating plant. (PSALM) [top]

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