"There are about 50 interested parties, but we expect to close deals with about 10 to 20 electric cooperatives before the end of the year," said Transco president and chief executive officer Alan Ortiz.
The most recent sale was with the South Cotabato II Electric Cooperative (Socoteco II) which acquired P257.54 million worth of sub-transmission assets, making it the biggest sales contract for Transco to date.
As of June 21 this year, Transco has firmed up the provisional sale of 15 sub-transmission assets worth a total P763.36 million.
The buyers were Angeles Electric Cooperative, Cabanatuan Electric Cooperative, Subic Bay Metropolitan Authority, San Fernando Electric Light and Power Co., Tarlac 2 Electric Cooperative Inc., Aklan Electric Cooperative Inc., Bohol 1 Electric Cooperative Inc., Capiz Electric Cooperative Inc., Negros Occidental Electric Cooperative Inc., Visayan Electric Co. Inc., North Cotabato Electric Cooperative Inc., Davao Light and Power Inc., South Cotabato I Electric Cooperative Inc., Sultan Kudarat Electric Cooperative Inc. and South Cotabato 2 Electric Cooperative Inc.
"We are really confident that we could have more contract signings with qualified private distribution utilities as many are already aware of the benefits of acquiring their own transmission facilities. This will bring better service to their customers and make their distribution function more efficient and eventually allow them to bring down power costs," said Ortiz. — with a report from Ted Torres