The Power Sector Assets and Liabilities Management Corporation (PSALM) has rescheduled the bid date for the selection of Independent Power Producer Administrators (IPPAs) to February 2009, from December 2008, based on feedback from prospective bidders who attended the series of investor fora that PSALM conducted this year.

IPPAs are qualified independent entities that will administer and manage the energy output contracted by the National Power Corporation with independent power producers operating in Luzon and the Visayas.

In moving the bid date, PSALM took into account the request of interested investors wanting more time to conduct their due diligence activities.

Consequently, the publication of the Invitation to Bid (ITB) for the IPPA selection, originally scheduled on 22-24 October 2008, was moved to the first week of November 2008.

Simultaneous with the ITB publication, PSALM will open its data room to prospective bidders who will have access to pertinent information on the IPPA bidding process. The investors, however, will have to comply with PSALM’s bidding procedures indicated in the ITB, including submitting a Letter of Interest, signing a confidentiality agreement, and paying a participation fee.

PSALM is accelerating the privatization of the energy contracts of National Power with independent power producers through the selection of IPP administrators. This is one of the preconditions to open access and retail competition, implementation of which will eventually translate to more reasonable electricity prices for Filipino consumers.