"This is a new name that has come up and they will be visiting the country shortly to follow up on the due diligence," Energy Secretary Vincent S. Perez said in an interview.
Perez said he had a meeting with officials of Red Electrica during his recent visit to London. "The company has signified interest to bid for the privatization of the National Transmission Co. (Transco)," he said.
The energy secretary said the international transmission firm also raised question on the timetable of the Energy Regulatory Commission (ERC)’s regulatory framework as one of its major concerns with regard to the sale of Transco which is tentatively scheduled on July this year.
Red Electrica, currently listed in the Madrid Stock Exchange, has the longest experience in the different roles of a transmission company in a deregulated power industry. It has played the role of a transmission asset manager, a system operator, and a market operator.
Perez noted that the development of Red Electrica as a transmission company follows closely the intention of the Philippine model.
At present, the firm manages 99 percent of the 400 kilovolt (KV) transmission lines in Spain. So far, there are over 15,000 kilometers of such lines in that country.
The company also controls over 4,000 kms of the 220 KV lines (around 30 percent of the installed 220 KV lines in Spain) and around 67 substations.
While the length and number of these assets are more than other financially-larger transmission companies, Red Electrica has less than 1,000 employees making it one of the most cost-efficient transmission companies in the world.
It is currently involved in various investment projects in Latin America, particularly in Chile, Peru, Ecuador, and Bolivia. It has become increasingly active in Central Europe, particularly in the Czech Republic, Romania and other countries.