The Philippine Power Sector Assets and Liabilities Management Corp (Psalm), the government agency handling the privatisation of the country’s electricity industry, has set a revised target to sell 70% of the National Power Corp’s (Napocor) generating assets.

Psalm is now expecting to complete the sale by the first quarter of 2006, having earlier missed its target to sell 50% of the group’s generating assets by the end of first half this year. Psalm had been due to complete its 70% sale by December.

Since privatisation was launched in March 2004 only six of more than 30 power plants lined up for sale have been divested.

Meanwhile, Napocor has suggested a time of use element be introduced to its tariff structure. Under the plans, two peak rates of PHP6.5754/kWh and PHP6.1565/kWh (€¢9.5/kWh – €¢9.0/kWh) will be implemented for the first and second semester respectively.