DJ Philippines Postpones Auction To Manage Output Of 640-MW Power Complex

MANILA (Dow Jones)--The Philippines has postponed an auction that had been set for Friday for the right to manage contracted output from the 640-megawatt Unified Leyte geothermal facilities, the Power Sector Assets and Liabilities Management Corp. said Wednesday.

The agency in charge of selling state-owned assets took into consideration a request from bidders to reschedule the bidding, said Psalm's vice president for asset management, Conrad Tolentino.

Prospective bidders said they needed more time to review the bidding terms, he said, adding that the auction's format will remain unchanged.

Although some groups have called for the government to keep its power assets, "Psalm's mandate remains, which is to privatize all assets, including IPP (independent power producer) contracts," he said.

Three groups are eager to join the bidding for the power facilities: Aboitiz Power Corp. (AP.PH), Pacifica Inc. and First Gen Corp. (FGEN.PH).

The Unified Leyte geothermal complex is located in Tongonan town, Leyte province, in the central Philippines.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique-carlos@dowjones.com

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(END) Dow Jones Newswires

July 28, 2010 04:32 ET (08:32 GMT)

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