Foreign investors endorse Philippines privatization

4 Feb 2002 – Potential overseas investors who met with Philippines President Gloria Macapagel-Arroyo during her recent visits to the US, UK and Canada, support the ongoing process to break up and privatize the National Power Corporation (Napocor), said Foreign Minister Vincent Perez today.

Perez said that investors showed eager anticipation of the final endorsement of a plan to first privatize Napocor’s transmission assets ahead of power generation assets.

The President met officials representing the UK’s National Grid plc, Intergen, Edison Mission Energy, MidAmerican Energy Holdings and Hydro-Quebec.

National Grid has expressed interest in equity investment opportunities in power transmission and generation, as well as build power projects in partnership with local governments. Projects include the extension of existing networks, adding new connections in the transmission system and grid interconnections.

Intergen are reported to have told the President that it was pleased with its involvement in a 440 MW power plant in Quezon province – the first build- own-operate in the Philippines. The plant utilizes low-sulphur coal imported from Indonesia, which is handled via a dedicated port and storage facility before it is fed into the boilers. An on-site seawater desalination plant supplies the facility’s water needs.

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