165-MW Casecnan plant awarded to First Gen unit

By Alena Mae S. Flores

STATE-RUN Power Sector Assets and Liabilities Management Corp. issued a notice of award to First Gen Corp.’s Fresh River Lakes Corp. as the winning bidder for the 165-megawatt Casecnan hydroelectric power plant.

PSALM president Dennis dela Serna said the Fresh River had passed the post-qualification process, which was conducted to verify the accuracy and authenticity of the eligibility documents submitted.

“We sent the NOA Wednesday or Thursday,” Dela Serna said, adding that they expected Fresh River to submit its payment by the end of the year.

Fresh River offered the highest bid amounting to $526 million for CHEPP.

“The successful privatization of this crucial power plant represents a significant milestone in our efforts to strengthen energy security. With the private sector injecting the necessary efficiency and capital for energy expansion, we can ensure a reliable and resilient energy sector for our nation’s future,” Energy Secretary Raphael Perpetuo Lotilla said earlier.

The winning bid surpassed the minimum offer price for CHEPP, which was determined by the PSALM board to be $227,272,727.28

CHEPP is a run-of-river type of power project with limited impounding facility in Barangay Villarica, Pantabangan, Nueva Ecija.

“The privatization of the Casecnan Hydroelectric Power Plant will ensure that the sector remains competitive so

WESM electricity prices increased in early May

as to reduce prices and increase efficiency,” Finance Secretary Benjamin Diokno said.

Diokno sits as the chairman of the PSALM board.

“The proceeds from the sale of CHEPP will be used to liquidate the outstanding financial obligations that PSALM had assumed from the National Power Corp. to settle government debt,” Diokno said.

The management of CHEPP was transferred to the government after the conclusion of the build-operate-transfer agreement between California Energy Casecnan Water and Energy Co. Inc. and the National Irrigation Administration on Dec. 11, 2021.

PSALM and NIA share ownership of the plant on a 60-percent and 40-percent arrangement, respectively.

First Gen chairman and chief executive Federico Lopez said power assets like the CHEPP “are very hard to replicate.”

over P200b last year

tional revenues in 2022 with the implementation of the Comprehensive Tax Reform Program, Finance Secretary Benjamin Diokno said over the weekend. The figure was 26.3 percent or P42.3 billion higher than the 2021 full year incremental revenue of P160.5 billion. Diokno said the increase in 2022 collections was driven by the “full economic recovery due to lifting of stringent quarantine measures.” Total collections from the Tax Reform for Acceleration and Inclusion Law amounted to P216.5 billion in 2022, 27 percent or P45.5 billion higher than the 2021 collection of P171.0 billion. Collections from Package 1B or the Tax Amnesty Law declined by P3.2 billion or 69.6 percent from P4.6 in 2021 to P1.4 billion in 2022. Collections from Package 2+ or the Sin tax Law amounted to P65.3 billion in 2022, 23 percent or P12.4 billion higher than the 2021 collection of P52.9 billion. Revenue losses from the Corporate Recovery and Tax Incentives for Enterprises or CREATE law reached P80.4 billion in 2022, an increase of 18 percent or P12.4 billion from the actual impact in 2021 of P68.0 billion. Julito G. Rada

PLDT Enterprise wins gold at Stevie Awards

PLDT Enterprise recently bagged a coveted gold award on innovation in business-to-business events at the 2023 Asia-Pacific Stevie Awards. The Asia-Pacific Stevie Awards are the only business awards program to recognize innovation in the workplace in all 29 nations of the Asia-Pacific region.

“We are truly honored to be recognized by the 2023 Asia-Pacific Stevies as among the world’s best. PLDT Enterprise will continue to innovate, evolve, and adapt to meet the ever-changing needs of our customers. We are optimistic that through our relevant offerings and services, including our annual PH Digicon event, we will stay ahead of the curve and provide exceptional value to Philippine businesses,” said PLDT and Smart first vice president and head of enterprise and international business groups Mitch Locsin, who was also feted with a Silver Stevie under the Thought Leader of The Year category.