PSALM Rakes In Add’l ₱16.7-B Asset Sale

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has fetched P16.76-billion worth of proceeds from divesting the power assets previously owned by its precursor-firm National Power Corp. (NPC).

Photo Insert: The bulk of the privatization proceeds remitted to PSALM came from the privatized independent power producer (IPP) contracts at P15.28 billion.

PSALM president and CEO, Edward Dennis A. Dela Serna, said the additional collections flowed into the company’s coffers in this year’s first semester on top of the P39.5 billion aggregate collection last year.

The bulk of the privatization proceeds remitted to PSALM came from the privatized independent power producer (IPP) contracts at P15.28 billion; while collection relative to the concession deal for the transmission assets stood at P1.44 billion; and sales of real estate assets at P40 million.

In the second half of this year, the biggest collection expected by PSALM will be the $526 million proceeds from the divestment of the Casecnan hydropower plant which was successfully auctioned last May.

Dela Serna said 45 power plants had already been privatized and that accounted for 80% of the total NPC assets that had been transferred into its charge for divestment - as mandated under the Electric Power Industry Reform Act.

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