PSALM paid P80b worth of debt in ‘15

by Alena Mae S. Flores – January 24, 2016 at 11:10 pm

from Manila Standard

State-run Power Sector Assets and Liabilities Management Corp., the agency which manages the assets and liabilities of National Power Corp., said it settled nearly P80 billion worth of debt in 2015.

PSALM president Lourdes Alzona said the agency serviced P78.751 billion worth of financial obligations in 2015, consisting of regular principal debt amounting to P22.721 billion, interest payments of P23.353 billion, debt prepayment of P6.32 billion and independent power producer lease obligations amounting to P26.357 billion.

“Funding sources were internally generated funds from operations of remaining plants and collection of privatization proceeds,” Alzona said.

She said another additional source of funding was the proceeds generated from the sale of Power Barges 101, 102 and 103 in July 2015.

PSALM sold PB 101, 102 and 103 to Trans-Asia Oil and Energy Corp. for P420 million.

The financial servicing for 2015, however, was 10 percent lower than the 2014 level.

PSALM said in an earlier report that it had been “effective and consistent in fulfilling its mandate to liquidate the financial obligations it absorbed from Napocor, amidst the impact of currency fluctuations and other market forces.”

PSALM is pursuing its privatization mandate this year through the bidding of the Unified Leyte bulk energy contracts and its 40-megawatt security asset.

PSALM is also conducting the second round of bidding for the structures, plant equipment, auxiliaries and accessories of the decommissioned 850-megawatt Sucat Thermal Power Plant.

The agency plans to privatize PB 104 located at the Holcim Compound, Ilang, Davao City this year through a negotiated sale.