Philippine power company heading for privatisation

Jan 15, 1997 01:00 AM

Philippine's National Power Corp. (Napocor) will speed up its privatisation by splitting its power-generation division into seven separate units. Ultimately, the seven power units will be fully privatised, with the move aimed at improving Napocor's overall efficiency and lowering electricity prices. Napocor said it will test the viability of its privatisation plan by conducting a dry-run of the seven units' operations in the second quarter of the year. The dry-run will determine the details of the privatisation, including the timetable for bidding, pricing and awarding of each unit, it said. Among Napocor's concerns are how the seven groups will function under different accounting procedures, systems operations, cost structures and power rate structures. The groupings are based on the power plants' location, power generating capacity and profitability. Napocor's net profit for the first nine months of 1996 was virtually flat at 4.12 bn pesos ($ 158 mm) as growth in expenses outpaced revenues. The company's privatisation, the last batch of major government assets set to be sold, is expected to significantly improve its bottom line.

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