SMC pays $4.8b for Ilijan
By Alena Mae S. Flores – November 16, 2017 at 07:40 pm
From manilastandard.net
San Miguel Corp. said unit South Premiere Power Corp. paid state-owned Power Sector Assets and Liabilities Management Corp. a total of $4.8 billion in various fees as of October as the administrator of the 1,200-megawatt Ilijan power plant.
San Miguel said it issued the statement to dispute PSALM’s allegation that it was not paying its obligations to the government.
“This is clear proof that we religiously pay PSALM and honor our contractual obligation under the Ilijan administration agreement,” San Miguel president and chief operating officer Ramon Ang said.
SMC owns SPPC, the administrator of the 1,200-MW Ilijan natural gas power plant in Batangas province.
The company’s dispute with PSALM stemmed from the latter’s termination of the Ilijan independent power producer administrator agreement for alleged non-payment of generation charges that it computed using rates at the Wholesale Electricity Spot Market instead of the Energy Regulatory Commission-approved rates.
