The Philippine government is planning to privatize the Casecnan dam to increase its revenue for the coming year. The Department of Finance (DOF) aims to sell the dam for at least PHP50 billion.
The national government is keen on privatizing the Casecnan dam to shore up revenues for next year, according to the Department of Finance (DOF). Finance Secretary Ralph G. Recto told reporters last week, 'There's a big one in the pipeline, the Casecnan Dam . You probably can get P50 billion or more there.' 'I think we’re confident that it will be sold by next year.' Recto said the DOF is working with the Department of Energy and the Power Sector Assets and Liabilities Management Corp.
(Psalm) regarding the sale of the dam. 'They should be part of the green energy auction so that you create more value for that particular asset up for privatization,' Recto said. In February, the Psalm formally turned over on Monday the 165-megawatt (MW) Casecnan Hydroelectric Power Plant to Fresh River Lakes Corp. (FLRC), a subsidiary of the Lopez-led First Gen. Corp. Personnel from the Psalm and the National Irrigation Administration (NIA) formally handed over the operations of the Casecnan hydro facilities in Pantabangan, Nueva Ecija to First Gen after securing all regulatory permits and remitted payment for the purchase of the power plant.Aside from the plant itself, the power components that First Gen acquired from the government include the switchyard, the administration complex, guest house and some roads. Meanwhile, ownership of the non-power components of Casecnan, such as the irrigation facilities, the weir and the tunnel, remains with the government, through the NIA and the Psalm. The use of these non-power facilities is governed by separate operations and maintenance agreements involving the FRLC, the NIA and the Psalm.
PRIVATIZATION FINANCE ENERGY CASECNAN DAM PHILIPPINES
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