Psalm readies Napocor asset bidding—Finance chief

MANILA, Philippines — The Power Sector Assets and Liabilities Management Corp. (Psalm) is currently finalizing the bidding of the National Power Corp.’s (Napocor) remaining power assets.

Psalm is the state-run firm tasked with privatizing Napocor’s generating assets and independent power producer contracts. The government will use the proceeds from privatization to pay off stranded debts and cover stranded contract costs.

READ: Psalm enters talks for Agus-Pulangi rehabilitation

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“We’re still working on it. Hopefully (bidding starts) soon. It will help improve (the plants’) efficiency,” Finance Secretary Frederick Go at the sidelines of a roundtable discussion with the Inquirer.

When asked on the targeted bidding schedule, the Finance chief added, “If I have my way it would be sooner, if not next year.”

Go, who also chairs Psalm, confirmed that the agency will bid out several Mindanao-based hydroelectric power plants to the private sector.

Based on Psalm’s website, the hydroelectric power plants (HEPPs) include:

• 74.8 MW Bakun HEPP in Ilocos Sur
• 260 MW Agus 1 and 2 HEPP in Marawi, Lanao del Sur
• 213.10 MW Agus 4 and 5 HEPP in Balo-i, Lanao del Norte
• 273 MW Agus 6 and 7 HEPP in Iligan City, Lanao del Norte
• 255 MW Pulangi 4 HEPP in Maramag, Bukidnon.

In addition, Psalm targets to commence the bidding of these power plants between the second half of 2026 and first half of 2027. Likewise, the agency plans to commence the rehabilitation of these power plants between the second half of 2027 and first half of 2028. INQ