Masinloc Power Plant Re-bid

The Ranhill Berhad withdrew from bargain because of lack of supply contract with Manila Electric Company that could have made sure the Masinloc power plant of a market kept under control.

The sale of Masinloc power plant to winning bidder YNN Pacific consortium was canceled when the group became absent to give the down payment for the power plant with the entrance of a Malaysian partner.

The 600-megawatt Masinloc coal-fired power plant in Zambales will be re-bid by the government by the middle of 2007. Signing of a transition supply contract between the National Power Corporation and Manila Electric Company was done last year to attract tough investors to re-bid for the Masinloc power plant.

The terms with National Power Corporation for the supply contract that would be joined to the Masinloc power plant are being finalized.

I hope the presence of supply contract between the National Power Corporation and Manila Electric Company will attract Ranhill Berhad to bid for the Masinloc power plant by the middle of 2007.

(Via www.manilastandardtoday.com)