{"id":19905,"date":"2024-07-25T03:00:32","date_gmt":"2024-07-25T03:00:32","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/doe-seeks-psalm-extension-to-prevent-p300-b-liability-for-govt\/"},"modified":"2024-07-25T03:00:32","modified_gmt":"2024-07-25T03:00:32","slug":"doe-seeks-psalm-extension-to-prevent-p300-b-liability-for-govt","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/doe-seeks-psalm-extension-to-prevent-p300-b-liability-for-govt\/","title":{"rendered":"DoE seeks PSALM extension to\u00a0prevent P300-B liability for gov\u2019t"},"content":{"rendered":"
\n

THE DEPARTMENT of Energy (DoE) said the corporate life of Power Sector Assets and Liabilities Management Corp. (PSALM) should be extended to prevent the government from assuming P300 billion in liabilities.<\/p>\n

Energy Secretary Raphael P.M. Lotilla said that the government initially expected it would take 25 years to complete the sale of assets and settle the debts of the National Power Corp. (Napocor).<\/p>\n

\u201cIn order to prevent an increase in rates and in order to prevent government from having to absorb some P300 billion in 2026 when the life of PSALM ends, we will have to extend the corporate life of PSALM, and there has been an agreement in the Congress to go ahead with that,\u201d Mr. Lotilla said in a post-State of the Nation Address discussion on Wednesday.<\/p>\n

PSALM was established under Republic Act No. 9136, or the Electric Power Industry Reform Act (EPIRA) of 2001, to lead the privatization of generation and transmission assets of Napocor and National Transmission Corp.<\/p>\n

Its corporate life was originally set to expire in June 2026, 25 years after EPIRA\u2019s effectivity. If PSALM is dissolved, all its assets and liabilities would revert to the National Government.<\/span><\/p>\n

Mr. Lotilla added that a counterparty is needed to rehabilitate the Agus-Pulangi hydropower plants in Mindanao and enhance their capacity.<\/p>\n

\u201cCurrently, while the installed capacity of Agus is 1,000 megawatts, the dependable capacity is only 600 megawatts,\u201d he said.<\/p>\n

\u201cThere is potential to rehabilitate it back to 1,000 megawatts, which would produce an additional 400 megawatts for Mindanao and other parts of the country through the Mindanao-Visayas interconnection,\u201d he added.<\/p>\n

Finance Secretary Ralph G. Recto has also suggested extending PSALM\u2019s corporate life by another 25 years, as it still has many assets to sell and financial obligations to address.<\/p>\n

OUTAGES
\n<\/b>Meanwhile, Energy Regulatory Commission (ERC) Chairman and Chief Executive Officer Monalisa C. Dimalanta saw that show cause orders will be issued to 39 generation companies that have exceeded their allowable plant outages.<\/p>\n

\u201cOnce the explanations are submitted to the commission and we have completed the evaluation of these explanations, we will impose penalties for those that are not justified,\u201d she said.<\/span><\/p>\n

The reliability index, implemented since 2020, allows the ERC to set maximum limits on planned and unplanned outages per year, varying by generating plant technology.<\/p>\n

In 2023, the ERC imposed approximately P60 million in penalties on generation companies for exceeding their outage limits.<\/p>\n

The Philippines\u2019 main island grids were placed under red and yellow alerts between April and June due to forced outages or deration of several power plants amid El Ni\u00f1o and elevated temperatures. Just last week, yellow alerts were raised on the Luzon grid for two days. \u2014 Sheldeen Joy Talavera<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE DEPARTMENT of Energy (DoE) said the corporate life of Power Sector Assets and Liabilities Management Corp. (PSALM) should be extended to prevent the government from assuming P300 billion in liabilities. Energy Secretary Raphael P.M. Lotilla said that the government initially expected it would take 25 years to complete the sale of assets and settle [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,4468,7485,168,177,14216,18902,18854,457,18901],"class_list":["post-19905","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-doe","tag-extension","tag-for","tag-govt","tag-liability","tag-p300-b","tag-psalm","tag-seeks","tag-to-prevent"],"yoast_head":"\nDoE seeks PSALM extension to\u00a0prevent P300-B liability for gov\u2019t - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/doe-seeks-psalm-extension-to-prevent-p300-b-liability-for-govt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DoE seeks PSALM extension to\u00a0prevent P300-B liability for gov\u2019t - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE DEPARTMENT of Energy (DoE) said the corporate life of Power Sector Assets and Liabilities Management Corp. 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