Olongapo SubicBay BatangGapo Newscenter

Saturday, April 30, 2005

TRANSCO sells P29-million assets in Subic ecozone

The National Transmission Corp. (TRANSCO) has signed the sale of subtransmission assets worth P29.4 million to the Subic Enerzone Corp., the first sale contract TRANSCO signed with an economic zone in Subic Bay, Olongapo, The Manila Times learned Friday.

TRANSCO said this development brings the total amount of TRANSCO’s divested subtransmission assets to more than P500 million.

Alan T. Ortiz, president and chief executive of TRANSCO, said the Subic Enerzone will pay the full amount upon approval of the contract by the Energy Regulatory Commission.

Subic Enerzone, which represents the Subic Bay Metropolitan Authority, purchased 7.24 circuit-kilometers of TRANSCO’s subtransmission lines comprising the Olongapo-SBMA Line 1 and 2, Olongapo-SBMA Line 3 and Subic-SBMA Line 4.

The purchase includes the disconnection switches at the Kalaklan Metering Point in Olongapo City.

Ortiz expressed optimism that TRANSCO will be able to close more deals with other electric distributors in the coming months as it intensifies efforts to completely divest ownership of its subtransmission lines


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