TransCo, NGCP sign agreement for inventory of transmission assets

By Manila Standard Business – August 15, 2024, 7:45 pm

State-run National Transmission Corp. (TransCo) and the National Grid Corporation of the Philippines (NGCP) signed an agreement to resume the physical inventory of transmission assets to bolster the reliability and integrity of the country’s transmission infrastructure.

TransCo, represented by president and chief executive Fortunato Leynes and NGCP, represented by president and chief executive Anthony Almeda, signed a memorandum of agreement (MOA) on Aug. 14, 2024 aimed at ensuring accurate records and updated asset registries.

Under the MOA, TransCo is permitted to conduct a comprehensive physical inventory and validation of transmission assets. The purpose of this undertaking is to update TransCo’s records and fixed asset registry, reflecting current and accurate information.

The physical inventory will be conducted exclusively by TransCo’s employees, including its officers, and staff.

All activities will be conducted in accordance with established protocols and guidelines under the concession agreement.

“TransCo believes in a diplomatic and developmental approach towards providing a solid foundation for future asset management and operational efficiency. With this agreement, TransCo can ensure the interest of the government and its citizens,” said Leynes.

TransCo, a government-owned-and-controlled corporation, is the owner of the country’s transmission assets, while the NGCP is the private corporation that won the concession to operate and maintain the transmission assets.