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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.