SMC has already paid over $6 B to PSALMMANILA, Philippines — The San Miguel Group has paid over $6 billion as of end-April under its contractual obligations with state-run Power Sector Assets and Liabilities Management Corp. (PSALM) for the output administration of the 1,200-megawatt (MW) Ilijan power plant. SPPC maintains it honors and religiously pays its contractual obligations to PSALM under the Ilijan independent power producer administration (IPPA) agreement. By the time the agreement expires in 2022, SPPC would have paid PSALM a total of P390.6 billion, representing P293.01 billion in energy fees and P97.60 billion in capacity fees. Given these, SPPC is paying PSALM more than what it is paying the IPP counter-party for the Ilijan power plant. SMC bagged the Ilijan IPPA in April 2010 after it outbid other parties with a $870 million offer.

Source: Philippine Star May 20, 2019 01:05 UTC