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SPC Power Corporation's Rehabilitation, Operation & Maintenance Agreement with National Power Corporation expires

SPC Power Corporation ("SPC") announces that the Rehabilitation, Operation and Maintenance Agreement ("ROMMA") between SPC and National Power Corporation ("NPC") dated March 25, 1994, as amended, expired on March 25, 2012, and that upon such expiration, SPC transferred to NPC and the Power Sector Assets and Liabilities Management Corporation ("PSALM") the possession of the 145.8 MW Naga Power Plant Complex subject of the ROMMA.
SPC likewise announces that SPC received on March 23, 2012 a letter from PSALM dated March 22, 2012 informing SPC that the PSALM Board, in its meeting on March 19, 2012, approved SPC's final offer of P148,989,286.00 (excluding VAT) for a six-month Operation and Maintenance Service Contract ("OMSC") while a re-bidding for the procurement of a one-year OMSC is being undertaken by PSALM. 

In the same letter, PSALM requested SPC to continue with the operation and maintenance of the Naga Power Plant Complex pending the execution of the six-month OMSC between PSALM and SPC. The letter was acknowledged and agreed by SPC on March 25, 2012. As a result, SPC now operates and maintains the Naga Power Plant Complex as the operations and maintenance provider to PSALM.
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"SPC Power Corporation's Rehabilitation, Operation & Maintenance Agreement with National Power Corporation expires" was written by Mary under the Business category. It has been read 1563 times and generated 0 comments. The article was created on and updated on 30 March 2012.
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