PETITION RECOVERY THE ISSUANCE PA), dtd...UNIVERSAL CHARGE FOR THE LUZON, VISAYAS AND MINDANAO...
144
FILE COPY l me Republic of the Philippines ENERGY REGULATORY COMMISSION Pacific Center Building, San Miguel Avenue Ortigas Center, Pasig City PETITION FOR THE RECOVERY OF NATIONAL POWER CORPORATION' S STRANDED DEBTS PORTION OF THE UNIVERSAL CHARGE FOR THE LUZON, VISAYAS AND MINDANAO GRIDS, WITH PRAYER FOR THE ISSUANCE OF PROVISIONAL AUTHORITY ( PA), b Rc ERC CASE NO. 2011 - I ( POWER SECTOR ASSETS AND r LIABILITIES MANAGEMENT CORPORATION ( PSALM), Petitioner. G JUN 2 8 211 ry PETITION Petitioner POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION ( PSALM), through counsel, respectfully states: NATURE OF PETITION 1. This is a Petition for the Recovery of NPC' s Stranded Debts Portion of the Universal Charge from all end - users of electricity is being filed pursuant to R. A. No. 9136 or the " Electric Power Industry Reform Act of 2001" ( EPIRA), its Implementing Rules and Regulations ( EPIRA - IRR) and the Amended Rules for the Recovery of NPC Stranded Contract Costs and Stranded Debts Portion of the Universal Charge ( Amended Rules for Recovery) as adopted in ERC Resolution No. 02 - 2011.
Transcript of PETITION RECOVERY THE ISSUANCE PA), dtd...UNIVERSAL CHARGE FOR THE LUZON, VISAYAS AND MINDANAO...
FILE COPY
l me Republic of the PhilippinesENERGY REGULATORY COMMISSIONPacific Center Building, San Miguel Avenue
Ortigas Center, Pasig City
PETITION FOR THE RECOVERY OF
NATIONAL POWER CORPORATION'S
STRANDED DEBTS PORTION OF THE
UNIVERSAL CHARGE FOR THE LUZON,VISAYAS AND MINDANAO GRIDS, WITHPRAYER FOR THE ISSUANCE OF
PROVISIONAL AUTHORITY (PA), b Rc
ERC CASE NO. 2011 - I (
POWER SECTOR ASSETS AND rLIABILITIES MANAGEMENT
CORPORATION (PSALM),Petitioner.
GJUN 2 8 211ry
PETITION
Petitioner POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT
CORPORATION (PSALM), through counsel, respectfully states:
NATURE OF PETITION
1. This is a Petition for the Recovery of NPC's Stranded Debts Portion
of the Universal Charge from all end -users of electricity is being filed pursuant to
R. A. No. 9136 or the "Electric Power Industry Reform Act of 2001" (EPIRA), its
Implementing Rules and Regulations (EPIRA -IRR) and the Amended Rules for the
Recovery of NPC Stranded Contract Costs and Stranded Debts Portion of the
Universal Charge (Amended Rules for Recovery) as adopted in ERC Resolution
No. 02 -2011.
becove;v of NPC Str',ar1e(r Debts . w'etitrc,r?
PSALM. itioruar
Eil(' Case No 2011
II.
TIMELINESS OF PETITION
2. In the first year of implementation of the recovery of NPC Stranded
Contract Costs and Stranded Debts as components of the UC, the PSALM shall
file with the ERC a petition for the establishment of and availment from the UC for
NPC Stranded Contract Costs and Stranded Debts recovery share of the UC on or
before the 15 of March 2011 for amounts for the year ending December 31, 2010
including previous stranded cost for the period CY2007, CY200B and CY2009. On
2 March 2011, PSALM requested for an extension to file the petition for the
recovery of SD since PSALM and NPC's certified financial statements for the UC-
SD calculation were not yet released. This request was granted by the Honorable
Commission in a letter to PSALM President dated 9 March 2011, allowing PSALM
to file the Petition for the recovery of the SD not later than 30 June 2011. Copies
of the said request for extension and the corresponding approval of the Honorable
Commission are hereto attached as Annexes "A" and "B ", respectively.
3. Hence, the instant petition is timely filed within the extension granted
by this Honorable Commission.
III.
PETITIONER
4. Petitioner PSALM is a government -owned and controlled corporation
created by virtue of Republic Act No. 9136 or the "Electric Power Industry Reform
Act of 2001" (EPIRA), with principal office address at 7/F Bankmer Building, 6756
Ayala Avenue, Makati City.
5. The principal mandate of PSALM is to manage the orderly sale,
disposition, and privatization of NPC generation assets, real estate and other
1Article /1, first paragraph .Amended Rules for Recovery
fec vet; of NPC Stranded Debts -- t'Pf'ttO 3 __
PSALM, l'£;titirxrer
ERC Case No 2011
disposable assets, and IPP contracts with the objective of liquidating all NPC
financial obligations and stranded contract costs in an optimal manner (Sec. 50,
EPIRA). To attain its objectives, PSALM shall, among others, [i] calculate the
amount of the stranded debts and stranded contract costs of NPC which
shall form the basis for ERC in the determination of the universal charge
emphasis supplied) and [ii] liquidate the NPC stranded contract costs, utilizing the
proceeds from sales and other property contributed to it, including the proceeds
from the universal charge (Sec. 51, EPIRA).
6. It is PSALM's responsibility to calculate the amount of the Stranded
Debts (SD) of National Power Corporation (NPC) that can be recovered through
the Universal Charge, subject to the review and approval by the Energy Regulatory
Commission (ERC). The recovery of NPC SD through the UC shall be uniform to
all the end- users.
IV.
NPC'S STRANDED DEBTS
7. Stranded Debts (SD) refer to "any unpaid financial obligations of
NPC which have not been liquidated by the proceeds from the sales and
privatization of NPC assets ".
8. Attached as Annex "C" hereto is PSALM's Balance Sheet, as of 31
December 2010, that shows the total outstanding Financial Obligations (sum of the
current portion and non - current portion of the long term liabilities) amounting to
PhP 307,049,501,895.00and the total BOT lease obligations (sum of the current
portion and non - current portion of the BOT lease obligations) amounting to PhP
394,225,810,948.00.
2
Article V, Amended Rules for Recovery3 Section 1, article v`, iid4
Sec 4 (ivy) and Sec. 32 of EPiHA, and Rule 4 (hfrthh) of the /RR.
t ;eceve#-,, of N==C St hied Debts - PetitionPSALM. F . Pefifiot rer
ERG Case No. 2011
9. The complete Inventory of Financial Obligations per Section 2 Article
V of the Amended Rules for Recovery, including a detailed account of all financial
instruments and associated borrowing costs and other relevant information as
required by the Amended Rules for Recovery are hereto attached as Annex "D ".
10. The NPC Stranded Debts shall be equivalent to the Gross Debt
Service (GDS) as determined from Section 3 net of the amount calculated from
Sections 4 and 5 of Article V and Sections 3 and 4 of Article VII of the Amended
Rules of Recovery. Hence:
Table 1: NPC's Stranded Debts (in Million Pesos)GDS PhP 539,915.37Less:
Total Projected cash flow PhP 473,836.21from Privatization (PP)National Government 0.00
Absorption (NGA)From Projected cash flow 1,060.12from NPC's Operation (PO)
474,896.33
NPC's STRANDED DEBTS PhP 65,019.05
Attached as Annex "E" is a detailed calculation of NPC's Stranded Debts.
Gross Debt Service (GDS)
11. In computing for the GDS only the following Financial Obligations
were included from the inventory of financial obligations submitted in Annex D:
section € , Article V. Amended l4rrtes for Recovery66
Section 2 and 3, ibidSection 4 (a ibidSection 5, ibid
Section 4 (b ibidSection 2, ibid
taectovety i. f Aj1'(s Stranded Debt. - Petition
PSALM, , Petitioner
i^ C L e No 2011 -
Table 2: GDS (in Million Pesos)
i.) NPC's outstanding financial obligations as of PhP 254,599.31
the effectivity of the EPIRA;
ii.) New loans contracted by NPC after effectivity 84,198.97of the EPIRA;
iii.) Loans incurred by PSALM in behalf of the 201,117.09NPC; and
iv.) Loans contracted by TRANSCO prior to its 0
privatization
TOTAL PhP 539,915.37
The detailed schedule of Table 2 carved out from Annex "D" is attached
hereto as Annex "F ".
12. For the purpose of SD filing, financial obligations excludes': i) All
loan pertaining to NPC- SPUG ii) Loans contracted by TransCo concessionaire;
iii) Loans incurred by PSALM in behalf of TransCo concessionaire; iv) Capacity
fees (and other costs) related to Eligible IPP contracts; v) All other loans incurred
by PSALM; and vi) All financial obligations assumed by the National Government.
Privatization Proceeds (PP)
13. The projected privatization proceeds from 2011 onwards to be
subtracted against the GDS include the total projected proceeds from the
privatization of non - eligible IPP contracts comprising of the monthly payments as
bid by the winning IPP Administrator, amounting to PhP 223,100,387,664.75and
projected proceeds from concession of the operations of the transmission system
comprising of both principal and interest, amounting to PhP 250,735,817,472.75.
The detailed calculation of these projected privatization proceeds are hereto
attached as Annexes "G" and "H ", respectively.
11 Section 2, Article V of Arr ended Rules for Recovery12
N '(- f L1(, debt service shall he included in the 'application for the 1J -- Missionary Electrification
411°
by NPC
fi'ocovefy of WC Sitar Debts - petitionPSALM . initioner
FRC Case No 2011
14. The projected proceeds from the privatization of non - eligible IPP
contracts refer to the proceeds as indicated in the Administration Agreements (AA)
between PSALM and IPP Administrators of Non - eligible IPPs. The AA contains
confidentiality clause that prohibits PSALM from disclosing the provisions of the
agreement to third party without the consent of the concerned IPP Administrators.
15. The agreement contains schedules which are used for pricing the
energy output when the IPP Administrators are trading in the supply market.
Disclosure of these information would necessarily reveal the IPP Administrators'
anticipated economic and corporate strategy in trading the output energy,
ultimately exposing them to unfair competition in an open market. To recall, the
Honorable Commission declared 26 December 2011 as the Open Access Date to
mark the commencement of the full operations of competitive retail electricity
market in Luzon and Visayas. Sight must not be lost that the objective of
competition in an open market to lower energy cost redounds to the benefit of the
end - consumers.
16. Accordingly, Petitioner PSALM respectfully requests upon the
110 Honorable Commission that Annex "G" shall be treated confidential pursuant to
Rule 4 of the ERC Rules of Practice and Procedures.
National Government Absorption (NGA)
17. A complete detailed list of financial instruments assumed by the
National Government is hereto attached as Annex "I ". The financial obligations of
NPC assumed by the National Government in 2004 amounting to PhP 200
Billion, were already excluded in the GDS for purposes of computing the SD.
pry Resolutionf 1 10, seri s 012011 dated 6 Jtdite 20
ttecovely of NPC Sft'at tf ?dt • IOtititaf 7 -_
PSALM. r fitioaforLRG Case No 2021 ..
Projected Cashflow from NPC's Operation (PO)
18. The PO includes projected collection of Capacity fees of non - eligible
IPP contracts through other rate adjustment mechanisms for the period January -
April 2011 and the projected collection of Capacity fees of non - eligible IPP
contracts through other rate adjustment mechanisms for the period May- December
2011 amounting to a total of Php2,107,274,459.34.
19. The PO also includes Projected Net Cashflow from Operating and
Investing activities of NPC (excluding SPUG and PSALM) based on the sum of the
Operations and Maintenance Agreement budget for CY2011(NPC Operations),
and Transco Projected annual Operations Expense for CY 2011 and projected
Generation Payment Proceeds of sold non - eligible IPPs, amounting to (Php
1,047,153,387.47).
20. The components of PO are hereto attached as Annexes "J" and
K" respectively.
21. Annex "J" shows the projected collection of Capacity fees (ACRM) of
non - eligible IPP contracts through other rate adjustment mechanisms i.e.
Automatic Cost Recovery Mechanism - ACRM) based on the actual billings for the
months of January to April 2011 and projected collection and billings of Capacity
fees of non - eligible IPP contracts through other rate adjustment mechanisms
ACRM) for the months of May to December 2011.
22. The May— December 2011 projected collection of Capacity fees
ACRM) is computed based on the average actual monthly ACRM billings from
January to April 2011 (i.e getting total ACRM billings for the period January to April
and dividing the sum by 4 months to get the average ACRM billing and collection
per month). The resulting number is assumed to be the monthly ACRM collection
for May to December 2011.
1 ?ecovf ry f NI 'C , Stmot(ed OPhts f'(titiOf8
PSALt#.f 'f titi« prrI-fir Case No 2011 - ..__
23. The total projected monthly ACRM collection, less the estimated
collection of capacity fees from eligible IPP contract, comprises the collection of
Capacity fees of non - eligible IPP contracts through other rate adjustment
mechanisms, as referred to in Section 4(b)(i) of the amended rules for recovery.
24. The Projected Net Cashflows from Operating and Investing Activites
of NPC in Annex "K" represents the total of projected cash inflows from NPC's
operation and projected Generation Payments proceeds of sold non- eligible IPPs
amounting to PhP 79,504,222,359.13. Also represented in the Projected Net
Cashflows from Operating and Investing Activites of NPC are the total of projected
0 cash outflows composed of projected disbursements from NPC operations, net of
capacity fees of ineligible IPP Contracts and Disbursements from Eligible IPP
contracts in Luzon, NPC capital expenditures and TransCo Opex amounting to
PhP 80,551,375,746.60.
V
NPC'S STRANDED DEBTS ALLOCATION IN THE UNIVERSALCHARGE IN P/WKH FOR END USERS
25. Based on the foregoing computations, the UC SD in P /kWh for end -
users with or without self - generating facilities in all grids shall be PhP 0.0313/ kWh
computed as follows:
GDS PP NGA PUCSOR
c11 t
ThP( 2 -4 a 0 i r P1,0 Billion
1355 Twit I t 60303 Twh
1'6 :08 co ; PhP1.0'CBillion)tC 7
1,355 a 60,703 7
7= ecover ° of All )(: Strar:-tet# nehts Peithon 9 —
PSALM. F'etitiorser
RC C:ese Na 2011 ...
rk, 0 OA
h kWh
UCSDR = PhP0.0313 /kWh
26. The total system electricity sales used in the UC -SD calculation is
shown and attached as Annex "L ". This is based on the DOE Energy Sales
Forecast for Philippine Development Plan. The calculated NPC's Stranded Debt
pursuant to Section 6, Article V of the Amended Rules for Recovery, was divided
by the total forecasted system electricity sales as defined in Section 7 of Article V
of the same rules.
27. In compliance with Section 4(e) of Rule 3 of the EPIRA -IRR and ERC
Resolution No. 38- 2006, a copy of the instant Petition (including Annexes) was
furnished the Sangguniang Panlungsod of Makati City. A copy of the Affidavit of
Service is hereto attached as Annex "M ". The Petition (excluding Annexes) was
also published in a newspaper of general circulation. A copy of the Affidavit of
Publication is hereto attached as Annex "N ".
VI
ALLEGATIONS IN SUPPORT FOR THE ISSUANCE OF
PROVISIONAL AUTHORITY
28. The petition covers the stranded debts as of December 31, 2010.
The aggregate amount if collected would lessen additional loans to be incurred by
PSALM in behalf of the NPC and to service maturing debt obligations as would
show in Annex "D ".
Recovery of NPC Stranded Debts - i'etttion 10--
PSALM . f'e fitiotrer
FR(. case= No. 2011
29. Pursuant to ERC rules of practice and procedures, the Honorable
Commission may exercise its discretion by granting provisional authority or interim
relief prior to a final decision.
30. It is understood that the interim relief sought by Petitioner PSALM
that may be granted by Commission, shall be subject to adjustments and other
conditions that the Commission may impose after hearing and final determination
of the Honorable Commission.
PRAYER
WHEREFORE, premises considered, petitioner respectfully prays that, after
due notice and hearing, the Honorable Commission considers the submission of
the following documents as FULL COMPLIANCE to the directive of ERC
Resolution No. 02, Series of 2011:
1. Inventory of Financial Obligations (Annex "D "); and
2. Inventory of Financial Instruments Assumed by the National
Government (Annex "I ");
Petitioner likewise prays, that Annex "G" be treated confidential.
Petitioner further prays, after due notice and hearing, for the APPROVAL of
the following:
1. The UC -SD calculated in the year 2011 for Luzon, Visayasand Mindanao grids amounting to Php 65,019.05 Million,translated to Ph 0.0313 / kWh .
2. Provisional Authority allowing PSALM to charge and collectthe computed UCSDR or such amount determined by theHonorable Commission.
Other reliefs just and equitable are likewise prayed for.
Makati City, 24 June 2011.
signatories on following pages —
Ueeevety of NPC qtr notfed Debts - PetitionPSALM, relitto?let1-1K3 Case No 2011
MARIA LUZ L. CAMINEROGeneral Counsel
IBP No. 847369 (01- 07 -11, Quezon City)MCLE Compliance No. III - 0004118 (07- 07 -09)
Roll of Attorney No. 35714
CECILIO B A DA, RdCorporate Legal Counsel
IBP No. 844768 (01- 04 -11, Quezon City)MCLE Compliance No. III - 0004120 (07- 07 -09)
Roll of Attorney No. 30354
L B RTY Z. DUMLA
Corporate Legal CounselIBP No. 844654 (01- 04 -11, Makati City)
MCLE Compliance No. III - 0009659 (08- 05 -10)Roll of Attorney No. 41588
r
1. 4 crk,PIA OB Z. RUIZ -SAN DIEGO
Corporate AttorneyIBP o. 844653 (01- 04 -11, Manila)
MCLE Compliance No. III - 0008759 (02- 22 -10)Attorney No. 49458
4111WAIR ,, RENA - . VEHEMENTE
o ate AttorneyIBP No. 844770 (01- 04 -11, Makati City)
MCLE Compliance No. III - 0014269 (04- 26 -10)Roll of Attorney No. 56568
MARIACONCEPCION B. MENDOZA -
BALDUEZA
Corporate AttorneyIBP No. 842210 (01- 04 -11, RSM)
MCLE Compliance No. III - 0004173 (07- 10 -09)Roll of Attorney No. 53952
POWER SECTOR ASSETS AND LIABILITIES
MANAGEMENT CORPORATION
7th Floor, Bankmer Building6756 Ayala Avenue, Makati City
Tof&VC; Stranded Debts - PetitionPSALM, Petitionerf RC Case No 2071
Republic of the Philippines)Makati City s.s.
VERIFICATION AND CERTIFICATION
I, EMMANUEL R. LEDESMA, JR., of legal age, married, with office addressat the Power Sector Assets and Liabilities Management Corporation (PSALM), 7thFloor, Bankmer Building, 6756 Ayala Avenue, Makati City, after having been dulysworn to in accordance with law, do hereby depose and state for myself and forPSALM, that:
1) I am the President and Chief Executive Officer of the PowerSector Assets and Liabilities Management CorporationPSALM) with authority to commence, initiate and file theforegoing Petition pursuant to PSALM Board Resolution No.2011- 0615 -002.
2) I have read the Petition and the allegations therein are true andcorrect based on my personal knowledge or the authenticrecords available to PSALM;
3) I or PSALM have not commenced any other action orproceeding involving the same issues in the Supreme Court,the Court of Appeals or any court, tribunal, or quasi - judicialagency and, to the best of my knowledge, no such otheraction or claim is pending therein; and
4) I PSALM oei le ta sam o as action or claim
uld
has
re
been filed
arn
ohistt
pend in theSu
If or
Court, the
sh
Court
h
of Appeals
nafter
or any court , tribunal , or
quasi - judicial agency, 1 shall report the said fact within five (5)days from discovery thereof to the Honorable Commission.
JUN 7 4 2011June 2011, Makati City, Philippines.
EMMANUEL LEDESMA, JR.Affiant
JUN 742011SUBSCRIBED and SWORN TO before me this th day of June, 2011,
with affiant EMMANUEL R. LEDESMA, JR. presenting to me his Passport No.ZZ197406 issued on 09 January 2011 at Hong Kong, known to me and to meknown to be the same person who executed the foregoing Verification andCertification.
r
Doc. No. 218 ;MARIA CONCEPCION B. MENDOZA
Page No 1I ; Notary Public Appointment No. M - 437Book No. 4- Until 31 December 2011
Series of 2011. Roll of Attorney No. 53952IBP No. 842210 (1-4 -11) RSM
PTR No. 2643246 ( - 4 - 11) Makati CityMCLE Compliance No. III - 0004173 ( 7- 10 -09)7 Bankmer Bldg., Ayala Avenue, Makati City
tFICAril\ ° ti
1 I
POWER SECTOR4-RNA-00
ASSETS &LIABILITIESISO 9001:2000
MANAGEMENT CORPORATION CIP/
ISO 900
21/09/05/637
BOARD RESOLUTION 2011 - 0615 -002
WHEREAS, on 30 June 2009 and 28 June 2010, the PowerSector Assets and Liabilities Management Corporationof PSA
filed
for the recovery of the Stranded Debt (SD) portionBoth
Charge (UC) with the Energy Regulatory Commission (ERC).were dismissed by the ERC on 15 Novembercumetsnto
the
supportfollowing
grounds: (1) failure to submit pertinentallegations as required under the SD and Stranded
and inSCC) Rules; and (2) significant differencesthe calculation of the proceeds of
The ERC further
Nationalemphaszed
Corporation (NPC) generation plants.that the Orders of Dismissal are without prejudice to the filing of anew petition.
WHEREAS, on 7 February 2011, the ERC i for the Recovery02, Series of 2011, Adopting the Amended Rulesof NPC Stranded Contract Costs and Straed ebts tiofootUniversal Charge." These ERC Guidelines provide
methodology for the calculation of the UC -SD and UC-SCC , forequirements to support the filing of the app
the recovery of the UC -SD and UC -SCC, and the deadline for filingof the petition set on or before 15 March 2011.
WHEREAS, on 2 March 2011, PSALM requested the ERC foran extension of the deadline for the filing of
othe pending release offrom 15 March 2011 to 30 June 2011 duPSALM'S certified financial statements and the issuance of the
Amended Rules for SCC and SD recovery.
WHEREAS, PSALM, in coordinatiowi tDepartment nFinance (DOF), organized a series of inter-agencyorder to orient various government stakeholders on UC and solicit
their views, particularly on the assumptionsorkshops were attended byof the UC -SD and UC -SCC rates. These
representatives from NPC, DOF, the Department of Budget andManagement (DBM), the Bangko Sentral ng Pilipina
DepartmentNational Economic Development Authority (NEDA), theof Justice (DOJ), and the Department of Energy (DOE).
CERTIFIED TRUE AND CORRECT:
ivn(fri/14, r
4, ANICETO A. CA BAQUIB, JR.Acting Corporate Secretary
7th Floor Bankmer Building 6756 Ayala Avenue, Makati City 1226 PhilippinesTel No.(632) 9029000 /Fax No. (63)8405301 www.psalm.gov.ph
PSALM Board Resolution 2010- 0615 -002 Page 2 of 4
WHEREAS, NPC's SD, as defined under the Electric PowerIndustry Reform Act EPIRA), refers to any unpaid financial
obligations which have not been liquidated by the proceeds from thesales and privatization of NPC assets." The formula, as defined inthe ERC Guidelines is:
GAS PP - NGA P0
E P +1Pro ectedEnor$ Sa es Projected Saleswhere
UCSDR UC -SD rate base, in PhP /kWhGDS Gross Debt ServicePP Privatization ProceedsNGA National Government AbsorptionPO One -year projected net proceeds from
operations of NPC and the NationalTransmission Corporation (TransCo)
B Base year, i.e. 2010n Number of years of recovery 15years covering the period 2011 -2026)t Filing year, i.e. B +1 (2011)
WHEREAS, PSALM used the following assumptions in the SDcomputation based on both the ERC Guidelines and the workshopdiscussion with the various government stakeholders:
1. The GDS includes: (a) all financial obligations contracted byNPC prior to the effectivity of the EPIRA that are still
outstanding as of 31 December 2001 without any exclusionincluding lease obligations of non - eligible Independent PowerProducers (IPPs); (b) new loans contracted by NPC after theeffectivity of EPIRA; and (c) new loans contracted by PSALMon behalf of NPC. Portions of the new loans utilized for SmallPower Utilities Group (SPUG) and eligible IPP contracts areexcluded. The GDS also excludes NPC advances of the
Nomura loans. The cut -off date of the debt service schedule is31 December 2010.
CERTIFIED TRUE AND CORRECT:
zl A ETO A. C LUBAQUIB, JR.Acting Corporate Secretary
PSALM Board Resolution 2010- 0615 -002 Page 3 of 4
2. The PP includes the monthly payment proceeds from non -eligible IPPs such as San Roque, Bakun and Ilijan. No
projection was made on the proceeds from future sale ofassets /equity in the privatized entities due to the uncertaintyof the privatization schedule and the possible signal to
prospective bidders on the value of PSALM's assets that thegenerating company (GENCO) sale forecast may provide. Thecut -off date of the privatization proceed projection is 31December 2010.
3. The NGA, amount is zero since the PhP200 Billion wasabsorbed by the National Government NG) in 2004 and
already netted from the GDS. No additional absorption by theNG for the period 2011 -2025 was assumed.
The three (3) items compose the First Term of the formulawhich PSALM proposes to recover for 15 years.
4. The PO considered the projected operating cashflows of IPPAdministrators (IPPAs), including cashflow from operations ofthe remaining GENCOs and non - eligible IPPs for CY 2011.These are based on the recent updated forecast as of
February 2011 which was approved by the PSALM Board on29 March 2011. This item forms part of the Second Term ofthe formula which PSALM proposes to recover for one (1)year.
Based on these assumptions, the total UC -SD rate isPhP0.0313 /kWh, as follows:
First Term Second TermGross Debt Service (GDS), in PhP Billion 539.92
Privatization Proceeds (PP), in PhP Billion 473.84
National Government Absorption (NGA),in PhP Billion 0
Projected Cash flow from Operations (PO),in PhP Billion
1.060)Projected Energy Sales (2011 - 2026), in TWh 1,355Projected Energy Sales (2011), in TWh 60.703
in PhP /Kwh) 0.0488 0.0175
CERTIFIED TRUE AND CORRECT:
4 ANICETO A. C UBAQUIB, JR.Acting Corporate Secretary
PSALM Board Resolution 2010- 0615 -002
a
Page 4 of 4
WHEREAS, after review of pertinent documents and due
consultation, the PSALM Board of Directors found Management'srecommendation to be in order and directed the latter to disclose allthe assumptions used in arriving at the above UC -SD rate in thepetition for filing to the ERC on the UC -SD.
NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBYRESOLVED, that the Power Sector Assets and LiabilitiesManagement Corporation PSALM) Board of Directors authorizesPSALM to file before the Energy Regulatory Commission (ERC) therecovery of the amended Universal Charge- Stranded Debt (UC -SD)Rate Base of PhP 0.0313/KwH as a uniform rate to all end - users,and to disclose all assumptions used in arriving at the said rate inthe petition to the ERC.
RESOLVED FURTHER, the PSALM President and CEO, or hisduly designated representative, is authorized to sign, execute anddeliver any document or perform any act necessary to implementforegoing action, including the filing of the necessary petition beforethe ERC.
APPROVED and CONFIRMED this 15 day of June 2011.
CERTIFIED TRUE AND CORRECT:
7)//AAANICETO A. C L AQUIB, JR.
Acting Corporate Secretary
ACCOUNTABLE FORM No. 51-C ACCOUNTABLE FORM No. S1 -C
REVISED JANUARY, 1992 ORIGINAL)REVISED JANUARY, 199" ORIGINAL)
iOfficial ReceiptOfficial Receipt
of theof the
Republic of the Philippines Republic of the Philippines
Nlil'' ' ' .N. 3999504 U r. IIII. N? 3699581 W
69 99 3(9cNgi
Date 2 , ,Z,cf, /Date G _,7_6f, 7/
NERGY REGULATORY COMMISSIOC FundpvFacv rrno in ra agcQIAM Fund AgencyAgencyi n
LPa
a1ei`'iCee ,fj Lf/0Payo
Natur= •f Account INature Account Amount
AmountCollection Code Collection Code
dq//g,P l' 07._ a e ' 1. T 0
rri tril tiffi
41I te.Ji
mmekrmanti, um".
TOTAL T 0- , 7't
Amount in Words (e ae. Amoun in Words p..-Lt h
w e Nu it-1-7aweeNu er Date
E V Number Date PM Cash anCash Bank
CheckCheck
Money Order Money Order
Received the amount stated above.Received the amount stated above.
MILA A. MIRANDA
HIr! tcerCogIfficer
t
NOTE: Write the number and date of this receipt onNOTE: Write the number and date of this receipt on
the back of check or money order received.the back of check or money order received.
1Republic of the Philippines
Office of the PresidentENERGY REGULATORY COMMISSION
San Miguel Avenue, Pasig City
To: ERC CashierDate : June 28, 2011
Power Sector Assets and Liabilities Management (PSALM)Will pay the amount indicated below for the following purpose(s)
Petition for the Recovery of National Power Corporation's Stranded DebtPortion of the Universal Charge for the Luzon, Visayas and Mindanao Grids,With Prayer for the Issuance of Provisional Authority.
IAFiling Fee
P 10,700.00UPLRF
107.00
TOTALP 10,807.00
Assessment No. : 17F -11 -094 Assessed bO.R. No. 100 3 /.9cg -D4(Date 24 1/ FRANCIS P L S. SINCO
Senior ERO
Noted by: Approved by:
ENGR. ALVIN • NES ORTEGA ATTY. FL • - ESI FDA B I A1Office- In -Ch- RD irector IIIb '
k
0 .SIFICgTPOWER SECTORASSETS & LIABILITIES wog1,4P-I' Pmribi MANAGEMENT CORPORATION FRNa0
DI:SO 9001: 008 3
CIP/4221 /09/05/63 7 mx x
D
2 March 2011
HON. ZENAIDA G. CRUZ -DUCUTChairpersonEnergy Regulatory CommissionPacific Center BuildingSan Miguel Avenue, Pasig City
ATTENTION: HON. RAUF A. TANCommissioner
ATTY. FLORESINDA G. BALDODirector, Regulatory Operations Service
SUBJECT:Request for Extension of Deadline of Filing the UC -SCCand UC -SD Petitions from 15 March to 30 June 2011
Dear Chairperson Ducut:
This is to request the Honorable Commission to extend the deadline for filing the petitions forthe recovery of the National Power Corporation's (NPC) Stranded Contract Cost (SCC) andStranded Debts (SD), as promulgated on 6 February 2007 by the Honorable Commission underthe Rules for Recovery of SCC and SD Portion of the Universal Charge (UC) from 15 March to30 June 2011.
Pending the release of the certified financial statements of PSALM and NPC, which is releasedevery second quarter of the submission of the UC -SCC petition on the 15 of March is nolonger feasible. In addition;'the release of UC SCC and SD Amended Rules will have an impacton both the calculated SCC and SD. Said rules are still to be received by PSALM.Your favorable consideration of this request wilt be readg y appreciated.
truly yours,ours ,
EMMAN L R. LEDESMAPresident & CEO
7th Floor Bankmer Building 6756 Ayala Avenue, Makati City 1226 PhilippinesTel No.(632) 9029000 /Fax No. (63)8405301 www.psalm.gov.ph
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MEM REGULATORY COMETMUOR 014111144;11$
9 March 2011
MR. EMMANUEL R. LEDESMAPresident and CEOPower Sector Assets & Liabilities Management Corp.7 Flr., Bankmer Bldg., 6756 Ayala Avenue xMakati City 1226 W
Dear Pres. Ledesma:
This has reference to your letter dated March 2, 2011 requesting for an extension of timeor until June 30, 2011 within which to file your petition for the recovery of National PowerCorporation's (NPC) Stranded Contract Cost (SCC) and Stranded Debt (SD) under theUniversal Charge (UC). As stated in the said letter, you were compelled to request forsuch extension as PSALM is still awaiting the release of NPC and PSALM's certifiedfinancial statements for the UC -SCC calculation and amended Rules for the recovery ofUC -SCC and UC -SD.
Finding said request meritorious, the same is hereby granted. Consequently, PSALM ishereby directed to file said petition /s on or before June 30, 2011.
Very truly yours,
ZENAIDA G. C UZ -DUCUT
Chairperson and CEOEnergy Regulatory Coml ssion
fpss /afc/ajmo /fb
w2011
Pacific Center Building, San Miguel Avenue, Pasig City Trunkline: 914 -5000Mailing Address: P.O. Box 181 Greenhills, Metro Manila Fax Nos. 631 -58 -67 • 687- 55 -77. 633 -32-29
Website: http: / /www.erc.gov.ph 634 -86- 41.687 -55 -99
POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION UNAUDITED
BALANCE SHEET
As of December 31, 2010
With comparative figures as of December 31, 2009)In Philippine Peso)
Notes 2010 2009
ASSETS
Current Assets
Cash and cash equivalents 2,3 26,782,050,869 62,032,243,855Power receivables, net 2,4 33,226,070,843 71,177,621,036Receivable from asset sale 2.5 1,594,956,589Receivable from concession 2 7,872,978,206Receivable from IPPAs 2,5 11,595,911,577 1,671,655,447Due from government agencies 6 88,769,180,175 82,399,303,549Other receivables 7 16,272,380,962 11,882,119,719Assets held for sale 2,8 20,600,428,891 ._ 6,237,242,07Other current assets 9 6,843,767,864 13,036,466,93gTotal .. _--------.._.....-.._—....--------_.__._._._.._.- ..._..__....__._— .-•-- •-- - - - - --2587Total Current Assets 204,089,791,181 7
DNon - Current Assets
Power receivables, net 2,4 36,175,059,405 2,487.953.562 lDReceivable from asset sale 2,5 10,703,733,298
x
Receivable from concession 2 124,240,584,375n
Receivable from IPPAs 2,5 404,058,052,388 239,330,453,504Property and equipment, net 2,10 35,761,374,525 36,466,478,023BOT Electric plants under capital lease, net 2,11 51,424,338,983 237,203,980,308Investment in TrarsCo 12 185,784,022,882 185,474.123,900Other non - current assets 13 14,257 731,660 15,208,162,625
Total Non - Current Assets 727,460,579,843 851,1
TOTAL ASSETS — —V _— 931,550,371,024 1,109,000,057,001
LIABILITIES AND EQUITYCurrent Liabilities
Accounts payable and accrued expenses 14 31,118,996,709 49,159,624,905BOT lease obligation 15 32,571,318,049 34,044,161,197Current portion of long -term liabilities 16 40,957,574,926 43,019,049,633Current portion of assumed Rural Electrification Program loans 18 4,330,150,640 3,363,769,334Due to TRANSCO 19 40,744,362,319Due to GOCCs and government agencies 20 43,113,876,206 25,531,030,267
Total Current Liabilities 192,836,278,849 155,117,635,336
Non- Current Liabilities
BOT lease obligation 15 361,654,492,899 407,497,724,416Long-term liabilities 16 266,091,926,969 279,023,696,437Assumed Rural Electrification Program loans 18 2,390,469,694 4,557,916,830Deferred concession income 2 166,293,974,337
Other tonc_term liabilities 17 68,676,767,776 46,189,750.495Total Non - Current Liabilities 698,813 657,338 903,563,062,515
EQUITY
Capital From asset -debt transfer 21 22,553,100,049) 22,485,735,123)Appraisal capital 27,451,371,295Retained earnings_ 22 35,002,163,591 72,805.0_94,273Total Equity 39,900,434,837 50,319,359,150
TOTAL LIABILITIES, NET OF EQUITY 931 1,109,000,057,001
See accompanying Notes to Financial StatementsCertified b, :
I, YOL ' r. tI ALF • ARA
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POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATIONSchedule of Lease ObligationAs of Decer! 31, 201 '
Current Long - term TotalPlant Orig'I Currency Equiv. Peso Orig Currency ( Equiv. Peso Orig'I Currency I Equiv. Peso
aal 1 108,787,680.00 4,774,147,336.80 1,148,587,269.59 50,405,752,325.96 4 . ", 374,949.59Sual 2 108,787,680.00 4,774,147,336.80 1,164,508,846.74 51,104,470,739.18 1,273,296,526.74 55,878,818,075.98
9,548,294,673.60 101,510,223,065.14 111,058517,738.74
Pagb' , 0 1 94,500,000.00 4,147,132,500.00 1,289,687,438.08 56,597,055,520.14 1,384,167,438.08 60,744,188,020.14Pac ao2 94,500,000.00 4,147,132,500.00 1,286,847,187.34 56,473,288,816.42 1, 381,347,187.34 60,620,421,316.42
8,294,265,000.00 113,070,344,336.56 364,601.336.56
San Roque - USD 68,012,400.00 2,984,724,174.00 619,685,205.88 27,194,885,251.27 687,897,805.68 30,179,609,425.27 1
San Roque - JPY 5,810,580,000.00 3,122,605,692.00 22,216,538,556.00 11,939,167,819.99 28,027,118,556.00 15,061,773,511.996,107,329,866.00 39,134,053,071.26 45,241,382,937.26
Luzon '• o.500,17E.tC 373,030,223.78 336,426,404.25 14,851,842,750.51 346,926,5s.2:, 15,224,872,974.27Luzon 2 8,765,016.00 384,652,727.16 328,029,736.12 14,395,584,969.62 336,794,752.12 14,780,237,696.78
757,682,950.92 29,247,427,720.13 30,006,110,671.05 4
Ilijan 104,454,144.00 4,583,970,109.43 1,109,245,643.74 48,679,245,075.53 1,213,699,787.74 53263,215,184.96
Kalayaan 3 26,246,723.04 1,151,837,440.60 139,332,107.18 6,114,589,523.60 185,578,830.22 7,266,426,964.20Kalayaan 4 26,351,400.00 1,158,431,189.00 137,649,382.14 6,040,743,135.21 164,000,782.14 7,197,174,324.21 W
2,308,268,629.60 12,155,332,658.81 14,463. 601, 288.41 g . Q —I
Steag 1 - USD 10,609,393.32 465,593,225.54 194,855,375.56 8,551,228,156.45 2:5,464,768.88 i,Q rSteag 1 - Peso 20,160,183.00 20,160,183.00 374,147,068.12 372,467,052.87 394,307,251.12 392,627,235.87 fDSteag 2 - USD 10,609,393.36 485,593,227.42 195,120,875.43 8,562,879,618.42 205,730,268.79 9,028,472,845.84 a)Steal 2 - Peso 20,160,183.00 20,160,183.00 372,972,158.77 371,292,143.52 393,132,341.77 391,452,326.52
to
971,506,819.26 17,857,866,971 26 18,829,373,790.52I
32,571,318,048.81 361,654,492,858.70 394,225,t1J,947.51 C
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Power Sector Assets and Liabilities Management CorporationCalculation of UC -SD Rate
In Million Pesos unless otherwise stated)
GROSS DEBT SERVICE (GDS) Value
i) NPC's outstanding financial obligations as of the effectivity of EPIRA 254,599.31
ii) New Loans contracted by NPC after the effectivity of EPIRA 84,198.97
iii) New Loans contracted by PSALM in behalf of NPC 201,117.09
iv) Loans contracted by TransCo prior to its privatization
TOTAL GROSS DEBT SERVICE 539,915.37
PRIVATIZATION PROCEEDS (PP) Value
i) Projected proceeds from the sale of assets or equity in the privatized entities
ii) Projected proceeds from the privatization of non - eligible IPP Contracts 223,100.39
iii) Projected net proceeds from the sale of sub - transmission assets
iv) Projected proceeds from the concession of operations of the transmission system 250,735.82
TOTAL PRIVATIZATION PROCEEDS 473,836.21
NATIONAL GOVERNMENT ABSORPTION (NGA) Value
i) Projected financial obligations on debt absorbed by the National Government
TOTAL NATIONAL GOVERNMENT ABSORPTION
PROJECTED CASHFLOW FROM NPC'S OPERATION (PO) Value
i) Projected collection of Capacity fees of non - eligible IPP contracts through other rate adjustment mechanism 2,107.27
ii) Projected collections related to the Foreign Exchange Losses and Gains through ICERA
iii) Projected collections associated with depreciation expense related to the NPC assets which have been transferred to PSALM
iv) Projected Net Cashflow from operating and investing activities of NPC (excluding SPUG and PSALM) and TransCo 1,047.15)
TOTAL PROJECTED CASHFLOW FROM OPERATIONS 1,060.12
Prepared by: Reviewed by:
LA All D. LOPEZ D• ED ;RAMIREZFi nce Sp ialist er -in- ChargeFinancial Valuation and Tariff Division Financial Valuation and Tariff Division
Noted By:
FERD AND A. FLORENDO
Man r
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Power Sector Assets and Liabilities Management CorporationProjected Schedule of IPPA ProceedsIn Million Pesos )
Year San Roque Bakun llijan TOTAL
2011 2,267.55 1,061.77 7,001.99 10,331.322012 4,296.08 1,274.89 7,547.41 13,118.382013 4,111.49 1,220.11 8,146.34 13,477.942014 4,196.22 1,245.25 8,314.23 13,755.702015 4,282.69 1,270.92 8,485.57 14,039.182016 4,370.95 1,297.11 9,641.94 15,310.002017 4,461.03 1,323.84
i15,625.52
2018 4,552.97 1,351.12 0;043.45 15,947.542019 4,646.80 1,378.97,325.49 17,351.252020 4,742.56 1,40 Z ,558.89 17,708.832021 4,840.30 1 t 11,797.10 18,073.782022 4,940.05 1, 6,020.11 12,426.152023 5,041.85 0 8,782.362024 5,145.76 9 8,963.352025 5,251.80 96.26 9,148.072026 7,901.63 331.38 8,233.012027 8,064.47 8,064.472028 2,743.55 2,743.55
TOTAL 85,857.75 27,519.46 109,723.17 223,100.39Source: Administration Agreements between PSALM and IPP Administrators
Prepared by: Reviewed by:N
LADY I , ' r ' 814Z 10 e 1 THED J. RAMIREZFin ce Speci list
7 Officer -in- ChargeFinancial Valuation and Tariff Division Financial Valuation and Tariff Division
Noted By:
4 1 /1:..... -FER ' it N I A. FLORENDO
Mana. -Liabili y Management Department
Note: Clause 30 of the Administration Agreements of San Roque, Bakun, and Ilijan
3fDX
GI
30. CONFIDENTIAU i30.1 The Parties .: Le , visions of this Agreement shall, subject
third
to Clausewithout
30.3below, be - ntial and may not be disclosed to any partythe other • .
30.2 The Parties sha . •ep confidential all Confidential Information received by one Partyfrom the other Party relating to this Agreement and the documents referred to in it andshall use all reasonable efforts to prevent their employees and agents from makingany disclosure to any person of any such Confidential Information.
30.3 Clauses 30.1 and 30.2, shall not apply to:
30.3.1 any disclosure of information that is reasonably required by any personengaged in the performance of their obligations under thiS Agreement for theperformance of those obligations;
30.3.2 any matter which a Party can demonstrate is already or becomes generallyavailable and in the public domain otherwise than as a result of a breach ofthis Clause 30;
Agreementfor the San Roque Capacity MITTT" ., ,i • i^...,..Page 53 01150 Original document issued-by:
I i
30.3.3 any disclosure to enable a determination to be made under Clause 38Dispute Resolution) or in connection with disputes between PSALM and /orNPC and the IPP;
30.3.4 any disclosure which is required pursuant to any Applicable Law or statutory,legal ( including any order of a court of competent jurisdiction) orcongressional obligation placed upon the party making the disclosure or therules of any stock exchange or. Governmental Authority or regulatory authorityhaving the force of law or if not having the force of law, compliance withwhich is in accordance with the general practice of persons subject to thestock exchange or Governmental Authority or regulatory authority concerned;
30.3.5 any disclosure of information which is already lawfully in the possession ofthe receiving Party, prior to its disclosure by the disclosing Party;
30.3.6 any provision of information to the Parties' own professional advisers orinsurance advisers or (following execution by the relevant parties by aconfidentiality undertaking in favour of PSALM in a form acceptable toPSALM) to funders or prospective funders of the Administrator and theirprofessional advisers;
30.3.7 any disclosure of information by PSALM to any department, office or agencyof the Government or their respective advisers or to any person engaged inproviding services to PSALM for an ose related to or ancillary to theAgreement;
swe30.3.8 any disclosure required of PS • u . s being a government owned •and controlled corporation; o lAkiti
30.3.9 any disclosure for the p •• La) the exa ' . . ication of PSALM's or the Administrator's
accou\b) co • NhOilirlik proper request from either party's insurance
s . r on placing or renewing any insurance policies.30.4 Where disclos N.
under Clause 30.3 other than Sub - Clauses 30.3.2,30.3.4, 30.3.., 1 :. 8 or 30.3.9 the Party providing the information shallprocure that of the information shall be subject to the same obligation ofconfidentiality a a • . ntained in this Agreement.
30.5 The Administrator shall not make use of this Agreement or any information issued orprovided by or on behalf of PSALM or NPC in connection with this Agreementotherwise than for the purpose of this Agreement, except with the written consent ofPSALM or NPC, as the case may be.
Agreementfor the San Roque Capacity uPage 54 of 150 e r °::
Original documentnt issued by: IIC
fi
C3
30. CONFIDENTIALITY
30.1 The Parties agree that the provisions of this Agreement shall, subject Clause 30.3
below, be treated as confidential and may not be disclosed to any third party withoutthe other Party's consent.
30.2 The Parties shat) keep confidential all Confidential Information received by one Partyfrom the other Party relating to this Agreement and the documents referred
to Cl
to in it and
shall use all reasonable efforts to prevent their employees and agents 1 rom makingany disclosure to any person of any such Contidential Information.
30.3 Clauses 30.1 and 30.2, shall not apply to:
30.3.1 an disclosure of information that is reasonably r by any perein the performance of the bligations under this Agreement for theperformance of those obligations;
30.3.2 any matter which a Party - • dpnstr is already or becomes generallyavailable and in the publi . than as a result of a breach ofthis Clause 30;
30.3.3 any disclosure t• t rmalign to be made under Clause 38Dispute Resol I• •i r ction with disputes between PSALM and/orNPC and th -
30.3.4 any di hl I squired pursuant to any Applicable Law or statutory,leg. order of a court of competent jurisdiction) or
g e ation placed upon the party making the disclosure or theexchange or Governmental Authority or regulatory authority
ha rce of law or it not having the force 0f law, compliance withis accordance with the general practice of persons subject to the
sto change or Governmental Authority or regulatory authority concerned;
30.3.5 any disclosure of information which is already lawfully in the possession of
i
the receiving Party, prior t0 its disclosure by the disclosing Party;
30.3.6 any provision of information to the Parties' own professional advisers orinsurance advisers or (following execution by the relevant parties by aconfidentiality undertaking in favour of PSALM in a form acceptable toPSALM) to funders or prospective funders of the Administrator and theirprofessional advisers;
30.3.7 any disclosure of information by PSALM to any department, office or agencyof the Government or their respective advisers or to any person engaged inproviding services to PSALM for any purpose related to or ancillary to theAgreement;
30.3.8 any disclosure required of PSALM by virtue of its being a govemment ownedand controlled corporation; or
30.3.9 any disclosure for the purpose of:
a) the examination and certification of PSALM's or the Administrator's
AgreementM .
Ifor the Bakun Capacity j` 4:o
UPage 54 of 156 Original document issued by:
7
accounto, : ;b) complyig with a
proper requefrom either
painsurance4'". a insurer on placing or renewi
providing
ng any insuranc policies.
30.4 Where
disclosure
r
is permtted under Clause 30.3 other than Sutheb Clau 30.3.2,
30.3.4, 30.3.5, 30 30.3.8 or 30.3.9 the rty formation shall
pr f th information shall be subject to the same obligation ofc
that
as thcontained i thi A emen
30 The Administrator shall not make u of'this Agreement or any information issued orprovided by or on behalf of P f or NPC in connection with this Agreementotherwise than for the purpose Agreement, except with the written consent ofPSALM or NPC, as the case
Agreement 1111 ..r4'for the Baker Capacity M.. a...•..•7e: :....e..
Page 55 01 156 Original document issued by:v
11A
L--
professional advisers;
30.3.7 any disclosure of information by PSALM to any department, office or agencyof the Government or their respective advisers or to any person engaged in
k-
providing services to PSALM for any purpose related to or ancillary to theAgreement;
30.3.8 any disclosure required of PSALM by virtue of its being a government ownedand controlled corporation; or
30.3.9 any disclosure for the purpose of:
a) the examination and certification of PSALM's or the Administrator'saccounts; or
b) complying with a proper request from either party's insuranceadviser, or insurer on placi or renewing any insurance policies.
30.4 Where disclosure is permitted under CI - 1 s 0 .\other than Sub - Clauses 30.3.2,30.3.4, 30.3.5, 30.3.7, 30.3.8 or 30. • providing the information shallprocure that the recipient of the infor
g
n subject to the same obligation ofconfidentiality as that contained in i
30.5 The Administrator shall not , : Vasof Agreement or any information issued orprovided by or on behal • • LM NPC in connection with this Agreementotherwise than for the • r- • ..0t. greement, except with the written consent ofPSALM or NPC, as t Abe 1 • -
Agreementfor the l6jan CapacityPage 55 of 160 Original docum issued1;i:-..—
30.
ley
C ^
30.1 The Parties agree that the provisions of n all, subject to Clause 30.3b be confidential and li •led to any party withoutthe other Party's consent.
30.2 The Parties shall keep confid: tiaI received by one Partyfrom the other Party
treated
relati nt and the documents referred to in it andshall use all reasonable thei employees and agents
third
from makingany disclosure to any • r h Confid Information.
30.3 Clauses 30.1 and 30.2 , s • 1 • apply to:
30.3.1 any disclosure of information that is reasonably required by any personengaged in the performance of their obligations under this Agreement for theperformance of those obligations;
30.3.2 any matter which a Party can demonstrate is already or becomes generallyavailable and in the public domain otherwise than as a result of a breach ofthis Clause 30;
30.3.3 any disclosure to enable a determination to be made under Clause 38Dispute Resolution) or in connection with disputes between PSALM and/orNPC and the iPP;
30.3.4 any disclosure which is required pursuant to any Applicable Law or statutory,legal ( including any order of a court of competent jurisdiction) orcongressional obligation placed upon the party making the disclosure or therules of any stock exchange or Governmental Authority or regulatory authorityhaving the force of law or if not having the force of law, compliance withwhich is in accordance with the general practice of persons subject to thestock exchange or Governmental Authority or regulatory authority concerned;
30.3.5 any disclosure of information which is already lawfully in the possession ofthe receiving Party, prior to its disclosure by the disclosing Party;
30.3.6 any provision of information to the Parties' own professional advisers orinsurance advisers or (following execution by the relevant parties by aconfidentiality undertaking in favour of PSALM in a form acceptable toPSALM) to funders or prospective funders of the Administrator and their 6'
Agreementfor the !loan Capacity
160Page 54 0lOriginal men i y: .,,.,_t slued ,by:
INDICATIVE TRANSCO PRIVATIZATION PROCEEDS SCHEDULE
Iee Amount Paid 3Date Repayment Factor Deferred Payment (in PHP) in
nt
PHP)' in PP)
A B A +B x
2011 J 0.010 1,,8, 5,267,055,333.99 6,533,524,083.99
2011 15- Jul -11 0.010 1,266,468,750.0 5,213,364,657.81 6,479,833,407.81
2012 15- Jan -12 0.011 1,393,115,625.0 5,159,673,981.62 6,552 ,789,606.62
2012 15- Jul -12 0.012 1,519,762,500.0 5,100,614,237.81 6,620,376,737.81
2013 15- Jan -13 0.012 1,519,762,500.0 5,036,185,426.39 6,555,947,926.39
2013 15- Jul -13 0.013 1,646,409,375.0 4,971,756,614.96 6,618,165 ,989.96
2014 15- Jan -14 0.014 1,773,056,250.0 4,901,958,735.92 6,675,014,985.92
2014 15- Jul
15- an -11 -
14 0.014 1,773,056,250.0 4,826,791,789.26 6,599,848,039.26
2015 15- Jan -15 0.015 1,899,703,125.0 4,751,624,842.59 6,651,327,967.59
2015 15- Jul -15 0.016 2,026,350,000.0 4,671,088,828.31 6,697,438,828.31
2016 15- Jan -16 0.016 2,026,350,000.0 4,585 ,183,746.41 6,611,533,746.41
2016 15- Jul -16 0.017 2,152,996,875.0 4,499,278,664.51 6,652,275,539.51
2017 15- Jan -17 0.018 2, 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
750.0 4,408,004,514.99 6,687,648,264.99
2017 15- Jul -17 0.019 2,406,290,625.0 4 6,717,651,922.86
2018 15- Jan -18 0.019 2,406,290,625.0 4,209,349,013.10 6,615,639,638.10
2018 15- Jul -18 0.021 2,65946,584,375.0 4,107,336,728.34 6,766,921,103.34
2019 15- Jan -19 0.022 2,786,231,250.00 3,994,586,308.35 6,780,817,558.35
2019 15- Jul -19 0.023 2,912,878,125.00 3,876,466,820.74 6,789,344,945.74
2020 15- Jan -20 0.024 3,039,525,000.00 3,752,978,265.51 6,792,503,265.51
2020 15- Jul -20 0.025 3,166,171,875.00 3,624,120,642.66 6,790,292,517.66
2021 15- Jan -21 0.026 3,292,818,750.00 3,489,893,952.19 6,782,712,702.19
2021 15- Jul -21 0.027 3,419,465,625.00 3,350,298,194.10 6,769,763,819.10
2022 15- Jan -22 0.028 3,546,112,500.00 3,205,333,368.39 6,751,445,868.39
2022 15- Jul -22 0.029 3,672,759,375.00 3,054,999,475.07 6,727,758,850.07
2023 15- Jan -23 0.031 3,926,053,125.00 2,899,296,514.13 6,825,349,639.13
2023 15- Jul -23 0.033 4,179,346,875.00 2,732,855,417.94 6,912,202,292.94
2024 15- Jan -24 0.034 4,305,993,750.00 2,555,676,186.53 6,861,669,936.53
2024 15- Jul -24 0.036 4,559,287,500.00 2,373,127,887.49 6,932,415,387.49
2025 15- Jan -25 0.037 4,685,934,375.00 2,179,841,453.21 6,865,775,828.21
2025 15- Jul -25 0.039 4,939,228,125.00 1,981,185,951.32 6,920,414,076.32
2026 15- Jan -26 0.041 5,192,521,875.00 1,771,792,314.19 6,964,314,189.19
2026 15- Jul -26 0.043 5,445,815,625.00 1,551,660,541.82 6,997,476,166.82
2027 15- Jan -27 0.045 5,699,109,375.00 1,320,790,634.21 7,019,900,009.21
2027 15- Jul -27 0.047 5,952,403,125.00 1,079,182,591.37 7,031,585,716.37
2028 15- Jan -28 0.049 6,205,696,875.00 826,836,413.29 7,032,533,288.29
2028 15- Jul -28 0.051 6,458,990,625.00 563,752,099.97 7,022,742,724.97
2029 15- Jan -29 0.054 6,838,931,250.00 289,929,651.41 7,128,860,901.41
TOTAL 124,240,584,375.00 126,495,233,097.75 250,735,817,472.75
Source: Concession Agreement among NGCP, PSALM anTransco
Interest rate is subject to reset every Regulatory Period as stipulated in the Concession Agreement.For this purpose, interest rate used is fixed at 10 -year PDSTF on January 13, 2011 (6.1788 %) plus 2.30% = 8.4788 %.Next reset is 2016.
Prepared by: Reviewed by: Noted By:
LE ANN K. DE LEON VIRGINIA C. REY E NAND A. FLORENDO
Sr. Finanance Specialist Manager M n ger
Financial Risk Management Financial Risk Management Division L bility Management Department
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Power Sector Assets and Liabilities Management CorporationPROJECTED CASHFLOW FROM NPC'S OPERATION
In Million Pesos unless otherwise stated)
CASH INFLOWS
Receipts Value
Projected Revenue 57,068.66
less: Receipts from Eligible IPP contracts in LuzonLeyte B 4,932.78
Sual
PagbilaoHEDCOR 4,932.78
Net Projected Receipts 52,135.88
Generation Payment Proceeds 27,368.33
TOTAL CASH INFLOWS 79,504.22
CASH OUTFLOWSDisbursements Value
Projected Disbursements 121,541.66
less: Capacity Fees of Ineligible IPP ContractsKalayaan 2,471.94
San Roque 5,752.32
Bakun 800.54
I lijan 4,909.34
Mindanao Coal 1 989.95
Mindanao Coal 2 14,924.09
Disbursements from Eligible IPP contracts in LuzonD
Leyte B 10,213.14 3Sual 12,029.44 3
Pagbilao 10,500.44 fD
HEDCOR 377.08 33,120.10 X
Total Disbursements 73,497.47 X
Capital Expenditures Value
Projected Capital Expenditures 2,813.91
Total Capital Expenditures 2,813.91
TransCo OPEX Value
Personal Services (PS) 231
Maintenance and Other Operating Expenses 372.00
Taxes (Franchise /RealtyNAT fr. Mgmt. Fee) 704.00
Work Order 10.00
GPE2.00
ICT 10.00
ROW 2,911.00
Total TransCo OPEX 4,240.00
TOTAL CASH OUTFLOWS 80,551.38
NET CASHFLOWS 1,047.15)
Prepar -d by: Reviewed by:
r THED J. RAMIREZLA ARRI , E LOPEZ
Fi rr.nce Sp •cialist Officer -in- Charge
Financial Valuation and Tariff Division Financial Valuation and Tariff Division
Noted By:
FER I AND A. FLORENDOMan er
Lia li y Management Department
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j5 t-KUC1 - INANCE TRHIJSCQ TO $405345 X11
1iI.rra:nso .National Transmission Corporation
FPTD- FIN- 6O-0.0October 29, 2010
MR. EMMANUEL R. LEDESMA, JR.President and CEOPower Sector Assets and Liabiiitias Management Corporation (Ps.,-,,M)7th Floor Bankmer Building6756 Ayala Avenue, Makati City
Subject Data for Sensitivity Analysis in the Un :versal Charge (UC)for Stranded pebt• (SD) Calculations .
Dear President Ledes. ia:
In response to your request for the subject data, we are providing you thefollowing:
1. Schedule of realizable contingent ROW liabilities year -on -year2. Schedule of potential ROW liabilities projected year -on -year on top of
the realizable contingent ROW liabilities3. Projected annual operation expenses of Transco for the years 2011 to
2015.
Kindly acknowledge receipt hereof.
Thcink you.
Truly yours,
ATfY. MO 1EN T. MACARAMBONPresilen• &CEO
cc : Usec. John Philip SevillaDOF
OCT tO 24V1010051.
d6 FRONT FINANCE TRANSCO
T0P. 02
NATIONAL:TR,ANSMISs.ION CORPORATIONESTIIiiipkTED RIGHT- OF -WAY ti M
Million Pesos) •
1. ACTUAL RIGHT -OF -WAY (ROW). UTILIZATIONI, jf 1 Irc i.' f I +f ( • ,'
htttu IVr?HR M• PFi' ) 1 l3 i Ift I Iit ,r t, t1 J r I Io! r r r, 1 a I r711y*'1 r rtr:: 1 ' ' t+f , it f 1 s t rit rt 7r(t,I,S, l r'SW+^rf. 7 7I Irt, I i'7
7 - 7 •,. c [ t s C<5
i
I r F rt 11 +l r i
r I U (
rr i `, lrri
I, tf
11ma•• ,;
1 I r k , ( + I_ t° !a 1 i'f CIt=I1I.. 4,r r „?..41,! , 111 ti 14.,r1. . {,li
Total 179 271 280 851 2,267
2. REALIZABLE CONTINGENT RIGHT -OF -WAY (ROW) LIABILITIES (year -on -year)t " t 'pi ( I i e
11if , i , {r
r
t r,a+ l 11 Ir
y
ry c rfi
1 J `, { I If j rdr-(( IIrd,1 Ih] N 111 I I i u , ij $1 I iS
TMx
1i ( f } !' Ir!ire b 1101 {+
J1v r ft
eytigt ;h,,,,, rM 1' ti r ' Ilt r it.r'1tI f i' „i<
r } 1 jIsn '. ! 1 li Y.,Irry 1 i w.i r4 . 1 ., 1L C. I!± IFy41 , z;... . :al: . t, It { rri. r I._. l. fl,l r lfe iLt,i
Total 4,300 2,8M 583 l, uG 1,454 1,377 9
Note: * - The year 2011 to 2015 is subje t. to the approval •of ERC (ERC Case No. 2009 -18ORC - 3rd Regulatory Reset)
3, POTENTIAL ROW LIAB1LiTIES (PrOjected year -on -year on top of item 1)Yx.
4"7-4 i ' . :y' ' 1•- , '01; 111;i : 1 Lii w.p s:Y,: yi_Q {.rl;f„ 1.° I } , }`,` 1f !t11j 7r - 7111 '',t 1 W Ji , r: IjI"')j , m :.,; i1f^ il :. l ti 1 r , t: fi•tk.. ,.4SI' h; tFr '+ L,1. ;, r i _ Ik. 4 1 r .l a)!4 Ii+ C,irL t1 t::,lC1ic4 Iillr i i :. ;• ^ {. + -3 1 t
1 r ( i r C « 1 { I,v, , - 3 1' i', L l
t r ;• •- rl'M ..q,. I "`'`iy 1 u 1 i t ri 1 1 r 4 s } e i(t riF' ; ,I + ry!S I r l r . . , ftl . s T
0_J :{! 4 "t . 'I%'7i1 +,' ,,: r, 1 ? • h41 Ir' I, iil t , vi S!I. t, 1 rltik433`J i E SP;x;.j6.1€ r :d:> : i .1 y I tw i_'il {H1111 f,ifIIY h •
w'•'•ii .. •111„ r •:...,r r.N u.. .. t••.. :.:•. ..:.:..:'
Total 1,584 1 2,094 2,450 2,460 '2,450 2,450 2,450 2,450 2,450 25,084
ri t ,::._ I X177 j,yyks++lt, t7111f : +jtSa tii t s cl •, s1. r I:,j.Zi' n' 9+• + l wJ.i i p.;~: }ryty dS. s, rfi t :'r i l i r ` {f 9' , i . IS 1'.c'j n } r ' I /'tr Ir I'E, S t} d : t:!'•i
T t, e I t I Y:.1 , Y.k.t ..• y..:.. ;(1t f•`: jis ji i Yl F ' 3 I
is'r, } es JrI #r t 1 .75 71 • t Y Yw l.Lj j p. f v 1 . 1. 14 ii' !te 1s+ t( asu I } tr. a•_` a , . * r;t:'l::fI• u,if 1' - H I C1 Ir7: ill ' +i ' S j ';' J(a ( r r rYy'di •. I
1 , •4 sf 1r, f 1 ti ,:' 1? L 9 i. ft
N [ Vi "i ill •. . . s; ri .':4. 41 . IiQ Q'1141043'.4';
t+t i.,. . u, i 11..' L'ii 7r !, r;
Mi i. '1 = } ' i +440.: 1" .i12;!,„;e53 .n.tsS1 !t 9 • .ta.. a Ir I {• p .I} r f. lit r r . r k I r
t r.a,.r:.,.•, ar I tlIbls ,tLU'i:r . ra,lli I I.,'1 I!tr r 1 .. j•b i ( ill :' GiilY'f aft J ..5?:. ds••a!; , ,
Total 2,450 2,45E 12,450 2,450 2,450 2,450 2,460 2,450 2,450 2,450 2,450 26,950
1k ?m'1 P i• °IC's` 'J`',t. F ... 1 1 } _ : : , I I ! q' 4i ",}t ••e r i , rrm n ., ,,Hu:t p bfrr., rtln {ll(,a ,S 11Fdf 1i , 1 ( 11 , }. rltl_f#t'rr al . Ilt 17';'ti i{. 41. e. 3'1:I., .f.ekt 7f'-: ?,iR E .,t: C +!•+'rl t' eeII , ' 1 1 1.: I ( s, 7Y:l I 1 1 ii . J: ' } Le. .u. y ,r i ,, y : ti {I (,. t' 7! ^ 7w tl ° I Fi'+ 1E'' n : 421R >• ? 1. i•',''1 1 }}{s;.. f F
p { 1r •r . rs , : T',ti` IV't y ¢ t ! t grg. j rt W t . 41447 ! }•J•I , p
r 1. t 1154 ,: ,. ,. p{1 l t I r r 1 1 7 Sl f l t
J
I Y ... S # 4r: t L .E+Ii ! . 1 .I'ff {PJ:r } . l .r' 6,
i,. jt , •.....,.,:... '..
f! , tJ.. tIfNUTIS f u tt„ ; aSti Sf e 1: i , .
Total 2,450 2,450 2,450 2,460 2,450 2,450 2,450 2,450 2,450 2,460 2,450 26,950
r =J' F1 iRt7; r", } t ( i+' I ; i'f !' •:: I f' i i:"F II'3• t r^ -r ( t ! I I . i!! r r, i r SI ri 1!73 1 f r h i
1:1;."4t
t w r t r . l i ! 19 ra t M. t f ' '.3` e iNt H 50:x, , Fr.. ref l i t1{ !!i n ilt , 3 . I . , f: „ , ,f: } Y y I lr rI Nil I c! E j ! !',` ii,r St . 7. -, • ly <' .• ^ ,
n ' PIryt, , rl If;, ! ..I 1 r I } • rt , jj k t•5`. , y7 S t ! `'' - ° rSF' 1.- H• ..Nr t j I, ( S ; { 7 i} l ' I }" . r ttll I rI
i :}j I t 3... f i lPq. y; „' 1 Jt1•
1 ri 7.., L r 4 1, l i r. i It r r.: lf.:. a1
111111111111-111111i i. I i, a6 ilVr j 7;it _:. 1- Y, l ' tl , Iluill t!' r ` f 7,r tll'' , T4i . iF.q r'i:•, :.Y"li ,
Total 2 2,460 4,9Q ,
Note:TOTAL 95,103
The year 2050 is projected on the assufnption that ALL affected landowners will ffle their claims with TransCo forpayment of Right -of -Way. the potential obligation to pay the: Right- of-Way will remain for as /ong as there will beclaims that will be fled with Transco. The processing and eventual payment of Right-of-Way liabilities abject or conti.; c;1to the filing of claims with TransCo.
Giocommentsa is 10YtlofflaweYp.9.qopooftgi 2011 -du, . ?'v r Gana -Pro, 1t'f P o 2'' . , <• r'
17:07 FROM FINANCE TRANSCO TO 840545 P.
ONAL Tl ',M7k,; SIGN CORPORATi N
italECTED ANNUAL Ci Z RATION EXPENSESFY 20112015
in Million-Pesc;)
PARTICULARS 20 1 2012 2013 2014 2015Amount . MEI Amount Amount Amount
Personal Services (PS) 234 251 272 284 306Compensation /Benefts /Allowances. 295 211 229 238 r;Board P." . ranee /Terminal /Accrued•i,eaves 36 ' 40 44 46 51Operating Expenses
18,402 18,327 18,320 18,275Maint. & Other Operating Expenses 372 412 454 476 S0fTaxes (Franc ise Realty/VAT fr. Mgmt. Fee 113 13Advances to PSALM
17,832 17,762Capital Outlay (CO)
1,695 1,456 1,387 jWork Order10 2
GP 1 ` 2
icy
RaW 1 8PVC Escrow -, 1, 54 1,.PUC Calyon J
TOTAL25,218. 20,350 20,219 20,06/ I 19,969
C. \Documents and Seth ngs \cvbarsaga \MyD \Budget 2111 - 2015\Budgetay lieauire[nents_2c1%- 01.3
d
TOTAL P.03
ELECTRICITY SALES FORECAST, GWh
Power Development Plan (2010 -2030)LL ON VISAYAS MINDANAO PHILIPPINES
GWH G.R. (V.)ACTUAL
200: 89585'. 6 714 7,179 , •, ; 53577
200a 41 5 i 0 6 565 2 7 5 .E 417 3.4
2009 41,951 1 6 6 960 6.0 7,369 . 2 8) 56 260' 1.6_
FORECAST
2010 4 7 ' , •
3 7 524' 8.1 47 61 58 2
2011 44 855 3 6 7 781 3.4 8,067 607.03' 3 5
2012 46,564 3 8 8 061 3;6 8375 3.8 • 63,000 8:
20'_._ 48 4.0 8,345`; 3.5 8,675 3.6 65,436 3:9
2014 50 363 4 0 8 642 3 6 4 9 009 3 9 68 015'. 3.9
2015 52,424 41 8 96 t G 3;6 i 9;348 3 8 70 • 4.0
2016 7, •884 4 , , • 9 284 :' 3 7 G . 9,708 3 9 73;688 ` 4.2201; 57 074 4 4 9 633 ° 3,8. 10,093 4 0 76,800' 4.2.'
2018 59,6p.•4 4 10 006 3 9 . 10,507 41 80,120• 4.3`
2019 62 447 4:8 10 458 - 4 5 10 996 4 7 83 902 4 7
020 5448 10932 4.5 11,F09 47 87,889r 48_t
2021 68 619 48 1 1,428 a4 5 12 046 4 7 92 093; 8
2022 71,973 4 9a z 1194$ 2 r4 5 12610 4 7 96530 •
7021 75 52 49 12 492 4 6 t•43'201'' 4.7 •101,21 4.9'!
2024 79 278 5 0rys13 063 ;; 6 13,820 4 7 . - 2106 161 _ 4.9
2025 83257 s 5 0 ., . 13 661 46 14470 4 7 111 388` 4.9
026 87,474 5 1 14 288 4.6 15,152 4 7 116,944; 5.0,.2027 91947 51 4.6 15,8E 4.7 - 122 759 5.0
2028 96 694 5 2 15 634 4.6 16,6.16 4 7 128 944. •2029 101 5 2, 16 355 4 6 17 403 4 7 135,491.;! 5.1 "
2030 107 087+ 0 3 17 112 4 6 13',28 47 142 427 • 5 1
Average Growth Rates:
2010 -2018) 3.98: 413. 4.02: 4.00,
2018-2030) 4:52 4.65 4.87
2010 -2030) 4 57 4.38`'. 4.41; 4.52
Source:
1. DDP 2009 -2018 and 2009 Power Delivery
ELECTRICITY SALES FORECAST, GWhPower Development Man (2010 -2030)
YEARLUZON VISAYAS MINDAIJAO PHILIPPINES
G.R. ( %) •ACTUAL
2007 r
39685 6.714•• 7,179 53,5772008 41;275 4 0_ s 8,565 2 2) 7578 5.6 . ; , ; 55,417 3.42009 41951 1 6, 960' 6 0 2;369' 280 1.6'
F °RECAST
2010 4339 3 2 7,524; 8.1 7,815 64, 58,653 4 2"2011 44 855 3 6 1 7 781 r 3 4 8,067. 3.2.: 60,703 3 5.
2012 46,56 • 3.8 8.061 3 6 8, 75 3 6` 000 3.8 •
2013 48,416 4,0 ' F 8 345 3.5 8 675 3,6 65,436 3.9
2014 50 363 4 0 ry' 8 642 3 6f
9,009 3.9. 68;015 3.95 52,424 4.1 8 956.1` 36 9 +348 70 4.0
2016 54 694 4 3 9 284'° 37 9708 3.9. 73,686 4.2
2017 5774 4 4. 9 633' 3 8 10;D93 4.0 76,800 4.2:2018 07 4 4 10 006' 3 9 2 10'507 80.120 4132019 62 447. 4 8 10 458 4 5 10,996' 4.
2020 65 4'48 4 8 10 982 4,5 11 '509 4 7 _ ' 87 4:8
2021 68,619 4 8 91428 4 12;046 4 7 :! 92,0932022 71873 4'9 11948; 45 126610 4.7 96,530 4.82023 75 521 4 9 12 492: 4 6 132 21 4.9' •
2024 79 278 5 0 13 063 46 13,820 4 7 106,161 4.92025 83 ' 7 13 661: fi 14 70 4.7 . , 11.1 , 388 4.9
2026 87;474 a 14 238, ; 4 6 { ; 15,152 4 7 116,91.4 5.0-027 91 947 51 14 945 416 15, 4.7 122 5.0
9F ,c94 5 2, . " 15 634 4;.6 16;616 5.0
2029 101,733 5 16,355': 4 6 17,403 4 135,491: 5.1
2030 10787Ave ., Growth Rate;:
2010 -2018) 3 41 4,02, 4.00
2018 -2030)
2010 -2030) • 4 57 ` 4,38 ! 4 41 nalSource:
1. DDP 2009-271 8 and 2009 Power Delivery
1 e ice:;
1 Republic of the Philippines1111Nt , DEPARTMENT OF ENERGY
VW AILti I
29 March 2011
MR. FERDT:NANL A. FLORENDO
ManagerLiability Management DepartmentPower Sector Assests & Liabilities
7th Floor Bankmer Building6756 Ayala Avenue,Makati City r
rDear Mr. Florendo: r
rC
In response to your letter dated 18 March 2011, we are providing the following datain relation to the filing of PSALMS's Universal Charge for Stranded Contract Cost asmandated by the Electric Power Industry Reform Act (RA9136) qs follows:
A
2007 -2009 electricity sales and consumption (in MWh) by sector and by typeof distribution utilities.
Electricity sales forecast in GWh) by grid, Power Development Plan2010 -2030)
Currently, we are still in the prcess of updating our 2010 portfolio data on electricitysales and consumption for all the distribution utilities. For your data request item #2,we do not have information on the generation of the self-generating facilities.
Should you have any clarification on the information above, you maycommunicate directly with Ms. Thelma B. Ejercito of the Power Planning ` andDevelopment Division at 840 -2173 or send email at [email protected].
We hope that the above information meets your requirement.
Best regard.
Very truly yo s
MYLENE C. P NGCOLDirector
Electric PovA•eNlndustry Management Bureau
Energy Center, Merritt Rd., Fort Bonifacio, Taguig, Metro ;A:,nila, PhilippinesTels.: (Trunks) 840 -1401 to 40; Fax 840- 2067; 840 - 2236; 840 -2067 (Domestic); 632-840-2173; 632-840-2236; 632 - 840 -2067 (International)
1u
ANNEXRepublic of the Philippines)Makati City S.S.
AFFIDAVIT
I, RANDY R. ANDAM, of legal age, married, with office address at thePower Sector Assets and Liabilities Management Corporation ( "PSALM "), 7 FloorBankmer Building, 6756 Ayala Avenue, Makati City, after having been duly swornto in accordance with law, do hereby depose and state that:
1. I am the Liaison Officer of PSALM Office of the General Counsel andam executing this Affidavit pursuant to Sec. 3, Rule 6 of the ERC Rules ofPractice and Procedure (ERC Resolution No. 38. series of 2006, dated 22 June2006) which provides that:
Sec. 3. Proof of Compliance with the Pre - filing Requirements. To
demonstrate compliance with the foregoing requirements, the applicant orpetitioner shall attach to its application or petition a certification issued bythe Presiding Officer, Secretary of the LGU Legislative Body concerned, ortheir duly authorized representative, attesting to the fact that such LGULegislative Body was served a copy of the application or petition , with all
its annexes and accompanying documents, and the date of such service. Inthe absence of such certification, the applicant or petitioner shall provecompliance by attaching the affidavit of the person that served theapplication or petition on the LGU Legislative Body, attesting to such factand the date of such service. The affiant shall also attach to the affidavit acopy of the page of the application or petition bearing the stamp "received"or acknowledgment of receipt by the LGU Legislative Body.
2. I have executed this Affidavit in relation to PSALM's Petition for
the Recovery of the National Power Corporation's Stranded Debts Portion ofthe Universal Charge for the Luzon, Visayas and Mindanao Grids, with Prayerfor the issuance of Provisional Authority (PA) to be filed before the EnergyRegulatory Commission ( "the Petition ")
3. On 27 June 2011, I served the LGU Legislative Body of Makati City acopy of the Petition with all its annexes and accompanying documents, evidenced bythe transmittal letter of PSALM dated 24 June 2011 addressed to the SangguniangPanlungsod of Makati City and the first page of the Petition stamped "received" by theOffice of the City Secretary (Annex 1).
JUN 77 7011IN WITNESS WHEREOF, I have hereunto set my hand this day of June
2011 at Makati City, Philippines.
l If re)
RANDY ANDAM
Affiant
JUN 272011SUBSCRIBED and SWORN TO before me this day of June 2011, with
affiant presenting to me his SSS ID bearing No. 03- 85768614 , known to me and
to me known to be the same person who executed the foregoing Affidavit.
4Doc. No. 292 MARIA CONCEPCION B. MENDOZA
Notary Public Appointment No. M -437Page No. Until 31 December 2011Book No 1 Roll of Attorney No. 5395
Series of 2011.IBP No. 842210 (1 -4 -11) RSM
PTR No. 2643246 (1 -4 -11) Makati CityMCLE Compliance No. III- 0004173 (7- 10 -09)7 Bankmer Bldg., Ayala Avenue, Makati City
1ila talk
io
c4r,
li POWER SECTOR r w 1-ASSE T "s & LIAE3lLI1IESMANAGE .MEN I COREORArloN t22l/taw5 (H'9221rtIV)Oir(0?
24 June 2011
The SANGGUNIANG PANLUNGSODMakati City Hall CITY OF MAC ATIJ.P. Rizal Street, Makati City OFFICE OE DIE on' SECRETARY
R.CEsVESirs /Mesdames:
DATE;_ AM 14E . Orr/
In compliance with the requirements of Republic Act No. 9136 or the ElectricPower Industry Reform Act (EPIRA) and its Implementing Rules and Regulationsand the ERC Rules of Practice and Procedure, please be informed that thePower Sector Assets and Liabilities Management Corporation (PSALM) shall filethe attached Petition (with Annexes) entitled Petition for the Recovery of theNational Power Corporation's Stranded Debts Portion of the UniversalCharge for the Luzon, Visayas and Mindanao Grids, with Prayer for theissuance of Provisional Authority PA) before the Energy RegulatoryCommission.
In this connection and in further compliance with the EPIRA, the EPIRA -IRR andthe ERC Rules, may we request for a Certification attesting that theSangguniang Panlungsod was duly served a copy of the Petition together withthe annexes and accompanying documents. Under the EPIRA -IRR and ERC Rules,the Certification should be issued by the Presiding Officer, Secretary of theSanggunian or their duly authorized representatives. Attached is a pro -formaCertification for your reference.
Thank you very much.
MARIA LUZ L. CAMINERO
VP,nd General Counsel
Attachment: Petition and its Annexes
Republic of the PhilippinesENERGY REGULATORY COMMISSIONPacific Center Building, San Miguel Avenue
Ortigas Center, Pasig City
PETITION FOR THE RECOVERY OF
NATIONAL POWER CORPORATION'S cirY OF NAxArISTRANDED DEBTS PORTION OF THE OFFICE OF TtE' car SECRETARYUNIVERSAL CHARGE FOR THE LUZON,VISAYAS AND MINDANAO GRIDS, WITH DPRAYER FOR THE ISSUANCE OF DAT E: I 71ME.IJ o 'a
PROVISIONAL AUTHORITY (PA),
ERC CASE NO. 2011 -
POWER SECTOR ASSETS AND
LIABILITIES MANAGEMENT
CORPORATION (PSALM),Petitioner.
x x
PETITION
Petitioner POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT
CORPORATION (PSALM), through counsel, respectfully states:
I
NATURE OF PETITION
1. This is a Petition for the Recovery of NPC's Stranded Debts Portion
of the Universal Charge from all end -users of electricity is being filed pursuant to
R. A. No. 9136 or the "Electric Power Industry Reform Act of 2001" (EPIRA), its
Implementing Rules and Regulations (EPIRA -IRR) and the Amended Rules for the
Recovery of NPC Stranded Contract Costs and Stranded Debts Portion of the
Universal Charge (Amended Rules for Recovery) as adopted in ERC Resolution
Republic of the Philippines
ENERGY REGULATORY COMMISSIONPacific Center Building, San Miguel Avenue
Ortigas Center, Pasig City
PETITION FOR THE RECOVERY OF NATIONAL POWERCORPORATION'S STRANDED DEBTS PORTION OF THEUNIVERSAL CHARGE FOR THE LUZON, VISAYAS ANDMINDANAO GRIDS, WITH PRAYER FOR THE ISSUANCE OFPROVISIONAL AUTHORITY (PA), ERC CASE NO. 2011 -
POWER SECTOR ASSETS AND LIABILITIES MANAGEMENTCORPORATION (PSALM),
Petitioner.x x
PETITION inflows from NPC's operation and projected Generation Paymentsproceeds of sold non - eligible IPPs amounting to PhP79,504,222,359.13.
Petitioner POWER SECTOR ASSETS AND LIABILITIES Also represented in the Projected Net Cashflows from Operating andMANAGEMENT CORPORATION (PSALM), through counsel, Investing Activites of NPC are the total of projected cash outflowsrespectfully states: composed of projected disbursements from NPC operations, net of
I. NATURE OF PETITION capacity fees of ineligible IPP Contracts and Disbursements from EligibleIPP contracts in Luzon, NPC capital expenditures and TransCo Opex
1. This is a Petition for the Recovery of NPC's Stranded Debts amounting to PhP80,551,375,746.60.Portion of the Universal Charge from all end -users of electricity is being
V. NPC'S STRANDED DEBTS ALLOCATION IN THE UNIVERSALfiled pursuant to R. A. No. 9136 or the "Electric Power Industry ReformCHARGE IN PIYYKH FOR END USERSAct of 2001" (EPIRA), its Implementing Rules and Regulations (EPIRA-
RR) and theAmended Rules for the Recovery of NPC Stranded Contract 25. Based on the foregoing computations, the UC SD in P /kWh forCosts and Stranded Debts Portion of the Universal Charge (Amended end -users with or without self - generating facilities in all grids shall beRules for Recovery) as adopted in ERC Resolution No. 02 -2011. PhP 0.0313/ kWh computed as follows:
II. TIMELINESS OF PETITIONGDS - PP - 5 f PO
2. In the first year of implementation of the recovery of NPC fJCSJJR -Stranded Contract Costs and
bile with the ERC
Stranded
foatheestablishmentshment of and 1=irtgs °1$e e rA)' 4 58i? eei+i i t'availment from the UC for NPC Stranded Contract Costs and StrandedDebts recovery share of the UC on or before the 15'h of March 2011 for
1hf (r - 473,84 - p)giWfay} ( PhPi.060 Billion)amounts for the year ending December 31,2010 including previous UCsDR = t - istranded cost for the period CY2007, CY2008 and CY2009.' On 2 1,355 TA t II 60303 T'grj} 111March 2011, PSALM requested for an extension to file the petition for therecovery of SD since PSALM and NPC's certified financial statements for
PhP66.08 6iitiort } { PJ P1060 Billion )the UC -SD calculation were not yet released. This request was granted C ?cSDR —by the Honorable Commission in a letter to PSALM President dated 9 1,355 Tu•h. 3 t 60.703 Twh 5March 2011, allowing PSALM to file the Petition for the recovery of theSD not later than 30 June 2011. Copies of the said request for extension P)tp0.04' iv #i >ti ARuand the corresponding approval of the Honorable Commission are hereto UCSDR =attached as Annexes "A" and "B ", respectively. kWh kin
3. Hence, the instant petition is timely filed within the extensiong this Honorable Commission.
UCSDR = PhP0.0313/kWh
111. PETITIONER
26. The total system electricity sales used in the UC -SD calculation4. Petitioner PSALM is a government -owned and controlledis shown and attached as Annex "L ". This is based on the DOE Energycorporation created by virtue of Republic Act No. 9136 or the "ElectricSales Forecast for Philippine Development Plan. The calculated NPC'sPower Industry Reform Act of 2001" (EPIRA), with principal office Stranded Debt pursuant to Section 6, Article V of the Amended Rules foraddress at 7/F Bankmer Building, 6756 Ayala Avenue, Makati City. Recovery, was divided by the total forecasted system electricity sales as
5. The principal mandate of PSALM is to manage the orderly sale, defined in Section 7 of Article V of the same rules.disposition, and privatization of NPC generation assets, real estate
27. In compliance with Section 4(e) of Rule 3 of the EPIRA-IRR andand other disposable assets, and IPP contracts with the objective ofERC Resolution No. 38- 2006, a copy of the instant Petition (includingliquidating all NPC financial obligations and stranded contract costs in an
Annexes) was furnished the Sangguniang Panlungsod of Makati Cityoptimal manner (Sec. 50, EPIRA). To attain its objectives, PSALM shall, A copy of the Affidavit of Service is hereto attached as Annex "M ".among others, [1] calculate the amount of the stranded debts andThe Petition (excluding Annexes) was also published in a newspaperstranded contract costs of NPC which shall form the basis for ERCof general circulation. A copy of the Affidavit of Publication is heretoin the determination of the universal charge (emphasis supplied) and attached as Annex "N ".
ii] liquidate the NPC stranded contract costs, utilizing the proceeds fromsales and other property contributed to it, including the proceeds from VI. ALLEGATIONS IN SUPPORT FOR THE ISSUANCE OFthe universal charge (Sec. 51, EPIRA). PROVISIONAL AUTHORITY
6. It is PSALM's responsibility to calculate the amount of the 28. The petition covers the stranded debts as of December 31,Stranded Debts (SD) of National Power Corporation (NPC) that can 2010. The aggregate amount if collected would lessen additional loansbe recovered through the Universal Charge, subject to the review and to be incurred by PSALM in behalf of the NPC and to service maturingapproval by the Energy Regulatory Commission (ERC).' The recovery of debt obligations as would show in Annex "D ".NPC SD through the UC shall be uniform to all the end - users?
29. Pursuant to ERC rules of practice and procedures, theIV. NPC'S STRANDED DEBTS Honorable Commission may exercise its discretion by granting
7. Stranded Debts (SD) refer to "any unpaid financial obligations provisional authority or interim relief prior to a final decision.of NPC which have not been liquidated by the proceeds from the sales 30. It is understood that the interim relief sought by Petitionerand privatization of NPC assets" ° PSALM that may be granted by Commission, shall be subject to
ttached as Annex "C" hereto is PSALM's Balance Sheet, adjustments and other conditions that the Commission may impose aftera ecember 2010, that shows the total outstanding Financial hearing and final determination of the Honorable Commission.0 sum of the current portion and non - current portion -of the
PRAYERIon liabilities) amounting to PhP 307,049,501,895.00and the totalBOT lease obligations (sum of the current portion and non - current portion WHEREFORE, premises considered, petitioner respectfully prays1 !. A conpiete aetallea list or financial Instruments assumed by - --- '— '°"','r'°°"f °'''"^Y- e"I'd°4.7wthe National Government is hereto attached as Annex 9 ". The financial report the said fact within five (5) days from discovery thereof to theobligations of NPC assumed by the National Government in 2004 Honorable Commission.amounting to PhP 200 Billion," were already excluded in the GDS for
24 June 2011, Makati City, Philippines.purposes of computing the SD.
Projected Cashflow from NPC's Operation !P0( Sgd. EMMANUEL R. LEDESMA, JR.18. The PO includes projected collection of Capacity fees of non-
Affiant
eligible IPP contracts through other rate adjustment mechanisms forSUBSCRIBED and SWORN TO before me this 24th day of June,the period January-April 2011 and the projected collection of Capacity 2011, with afftant EMMANUEL R. LEDESMA, JR. presenting to mefees of non - eligible IPP contracts through other rate adjustment his Passport No. 22197406 issued on 09 January 2011 at Hong Kong,mechanisms for the period May - December 2011 amounting to a total known to me and to me known to be the same person who executed theof Php2,107,274,459.34.
foregoing Verification and Certification.19. The PO also includes Projected Net Cashflow from Operating
and Investing activities of NPC (excluding SPUG and PSALM) based MARIA CONCEPCION B. MENDOZAon the sum of the Operations and Maintenance Agreement budget for Notary Public, Appointment No. M -347CY2011(NPC Operations), and Transco Projected annual Operations Until31 December2011Expense for CY 2011 and projected Generation Payment Proceeds of Roll of Attomey No. 53952sold non - eligible IPPs, amounting to (Php1,047,153,387.47). IBP No. 842210 (1 -4 -11) RSM
PTR No. 2643246 (1 -4 -11) Makati City20. The components of PO are hereto attached as Annexes "J" MCLE Compliance No. III - 004173 (7- 10 -09)and "K" respectively. 7" Floor Bankmer Bldg., Ayala Avenue, Makati City21. Annex "J" shows the projected collection of Capacity fees Doc. No. 218;
ACRM) of non - eligible IPP contracts through other rate adjustment page No 44;mechanisms (i.e. Automatic Cost Recovery Mechanism - ACRM) Book No I ;based on the actual billings for the months of January to April 2011 and Series of 2011.projected collection and billings of Capacity fees of non - eligible IPPcontracts through other rate adjustment mechanisms (ACRM) for themonths of May to December 2011. i
Article If first paragraph ,Amended Rules for Recovery22. The MayDecember 2011 projected collection of Capacity Article V, Amended Rules for Recoveryfees (ACRM) is computed based on the average actual monthly ACRM Section 1, Article V, ibidbillings from January to April 2011 (i.e getting total ACRM billings for Sec. 4 (w) and Sec. 32 of EPIRA, and Rule 4 (hhhh) of the IRR,the period January to April and dividing the sum by 4 months to get Section 6, Article V, Amended Rules for Recoverythe average ACRM billing and collection per month). The resulting Section 2 and 3, ibidnumber is assumed to be the monthly ACRM collection for May to Section 4 (a), ibidDecember 2011. Section 5, ibid
Section 4 (b), ibid23. The total projected monthly ACRM collection, less the estimated Section 2, ibid
collection of capacity fees from eligible IPP contract, comprises the Section 2, Article VofAmended Rules for Recoverycollection of Capacity fees of non - eligible IPP contracts through other NPC - SPUG debt service shall be included in the application for therate adjustment mechanisms, as referred to in Section 4(b)(i) of the UC- Missionary Electrification by NPCamended rules for recovery. ERC Resolution No. 10, series of 2011, dated 6 June 2011
24. The Projected Net Cashflows from Operating and InvestingSec. 32, EPIRA
Activites of NPC in Annex "K" represents the total of projected cashpDWune 25, 2011)
ANNEX'.,,'
REPUBLIC OF THE PHILIPPINES)CITY OF MAKATI)S.S.
AFFIDAVIT OF PUBLICATION
I, LOURDES C. DIAZ, of legal age, Filipino, married and a resident of Cainta,Rizal, Philippines after having duly swom to in accordance with law, hereby declare andtestify.
1. That I am the Classified Ads Manager of the PHILIPPINE DAILY INQUIRER,INC., publisher of the Philippine Daily Inquirer which is being published daily in English,of general circulation with editorial and business address at Chino Roces St. cor. Yagueand Mascardo Sts., Makati.
That at the order of
ENERGY REGULATORY COMMISSIONRe: PETITION FOR THE RECOVERY OFNATIONAL POWER CORPORATION'SSTRANDED DEBTS PORTION OF THEUNIVERSAL CHARGE FOR THE LUZON,VISAYAS AND MINDANAO GRIDS, WITHPRAYER FOR THE ISSUANCE OFPROVISIONAL AUTHORITY (PA),
Text of which would be described asfollows:
AS PER ATTACHED
Has been published in the PhilippineDaily Inquirer in its issue /issues of:
IIIJune 25, 2011
Affiant Further SayethNaught, Makati Philippines
LOURDES DIAAffiant
SUBS B AND SWOR befo a methis dayo f/.
2- ti
affiant exhi d to mehis /her residence certificate no. 14054379issued at Cainta, Rizal on January 10,2011 -nd her -SS ID. No. 03- 2074661 -7,be- he hotograph and signature.
Doc. No. 4 i
Page No. EBook No. ATTY. iQP C,AS C Series of NC T ULIC
TIL 0 1, 20
1
UN
NO. 264 46/1-3.11 MAKA 1
I6PN(L 800273/1 5 -II
