Oct. 21. 2021 Marubeni Corporation Marubeni Corporation hereby announces that, together with Abu Dhabi National Energy Company PJSC , Marubeni has signed. | October 21, 2021
February 26, 2021 | 12:06 am Font Size
PHILSTAR
SAN MIGUEL Corp. (SMC) said that its offer to pay off the 1,200-megawatt (MW) Ilijan power plantâs capacity charges ahead of schedule was done in good faith, according to a statement issued on Thursday.
This comes a day after state-led Power Sector Assets and Liabilities Management Corp. (PSALM) rejected what it described as a âpreposterousâ settlement in the payment scheme put forward by SMC power unit South Premiere Power Corp. (SPPC).
The agency received the settlement offer from the firm a letter dated Jan. 11. Details of PSALMâs position were shared on Wednesday by the Department of Finance (DoF). The Finance secretary chairs PSALM.
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THE Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected a âpreposterousâ settlement put forward by South Premiere Power Corp. (SPPC), a unit of San Miguel Corp. (SMC), the latest twist in a long-running dispute over generation fees owed by the 1,200-megawatt Ilijan power plant in Batangas City.
The Department of Finance (DoF) said in a statement Wednesday that PSALM rejected SPPCâs offer on Jan. 11 because it contained a âpreposterous conditionâ not previously mentioned when the payment scheme was first proposed in March 2020.
The DoF said SPPCâs Jan. 11 letter had asked PSALM to âcede control and ownership of the Ilijan power plant to SPPCâ ahead of schedule, once its fees are fully settled. The DoF was citing a report by Irene J. Besido-Garcia, president and CEO of PSALM.