THE FIRST OF A SERIES OF proposed auctions by the government of Philippines for its power plants has been won by the Hydro Electric Development Corp of Aboitiz group.

The company has won the concession to the 3.5MW Talomo hydro plant in the southern province of Davao. Power Sector Assets and Liabilities Management Corp. (PSALM), a company formed to privatise the power generation assets of National Power Corp. (Napocor), declared the auction successful. PSALM said Hydro Electric had submitted the highest bid of US$1.37M for the concession, beating two other unidentified bidders.

The government is to privatise a total of 35 Napocor power plants beginning this year, as required under a power sector reform law.