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Updated:2025-01-14 04:25 Views:113
Caliraya Hydroelectric Power Plant | PHOTO: cbkpower.com
The bidding for the privatization of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna province will be pushed back to April due to delays in the third round of green energy auction (GEA-3), energy officials said.
Department of Energy (DOE) Secretary Raphael Lotilla said this got put off after Energy Regulatory Commission (ERC) chair and chief executive officer Monalisa Dimalanta faced preventive suspension late last year, leading to delays in the issuance of the price determination methodology for the GEA-3.
aov slot Article continues after this advertisementThe bidding was initially set in November 2024.
FEATURED STORIES BUSINESS 68% of PH workers need to upskill, says WEF study BUSINESS Mining sector poised for growth BUSINESS Gen Zs driving boom: PH digital lending market to exceed $1B this yearREAD: First Gen bidding for CBK privatization
“That cascaded in all the delays and therefore that’s why we had to, we could not proceed with it,” he said in a media briefing on Wednesday.
Article continues after this advertisement“Psalm (Power Sector Assets and Liabilities Management Corp.) would have been able to privatize that even without GEA-3 but the concern of the Department of Finance was to enhance the privatization value of CBK and that’s why it got delayed,” Lotilla added.
Article continues after this advertisementThe GEA-3, slated for launch next month, will focus on geothermal, impounding hydro, and pumped-storage hydro.
Article continues after this advertisementFollowing the reinstatement of the ERC chief, DOE undersecretary Rowena Cristina Guevara said that bid prices had already been released.
Guevarra said that awaiting the price determination methodology of the new round of green power auction was necessary as this could “impact” the value of the 796.64-megawatt (MW) CBK with new pumped-storage hydro plants coming in.
Article continues after this advertisementThe CBK is a state-owned power asset up for privatization by Psalm.
In March, Psalm chair and Finance chief Ralph Recto said the state-run organization expects to generate P50 billion to P100 billion from the privatization of the CBK power plants in Lumban, Majayjay, and Kalayaan in Laguna.
Currently, the CBK plant complex is under a build-rehabilitate-operate-transfer and power purchase agreement between the CBK Power Company Limited and the National Power Corporation for 25 years. This setup will last until February 2026.
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SN Aboitiz Power Corp., First Gen Corp., ACEN Corp., and Citicore Renewable Energy Corp. earlier expressed a desire to join the CBK bidding.
Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday.
Ajay Banga spoke to Agence France-Presse at the development lender’s headquarters in Washington ahead of the Annual Meetings of the International Monetary Fund and the World Bank Groupokebet, which begin on Monday, October 21.
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