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ENERGY NEWS
Philippines turns over national grid to China-led consortium

by Staff Writers
 Manila (AFP) Jan 15, 2009
 A Chinese-led consortium on Thursday officially took over a 25-year concession of the Philippines' national electricity grid, government's privatisation arm said.

The National Grid Corporation of the Philippines, which includes the State Grid Corporation of China, began operating the grid just after midnight, the Power Sector Assets and Liabilities Management Corp. (PSALM) said.

The consortium last week remitted 987.5 million dollars as "its upfront payment for the operation" of the National Transmission Corp. or Transco, PSALM said.

The amount represents 25 percent of the 3.95 billion dollar purchase price for the concession it won in an auction in December 2007.

"The government is now a step closer to its objective of providing the Filipino consumer a reliable, quality and affordable supply of electricity," PSALM president Jose Ibazeta said in the statement.

The takeover also underscores the "unwavering support and confidence" of the international investor community in the government's reform programmes in the power industry, he said.

The consortium also includes Philippines firms Monte Oro Grid Resources Corp. and Calaca High Power Corp.

State Grid Corporation of China covers 88 percent of the service area in China.

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