By Junex Doronio
MANILA – Following the proposal of Speaker Ferdinand Martin G. Romualdez that the Maharlika Investment Corporation should consider investing in the country’s main grid operator, MIC president and CEO (Chief Executive Officer) Rafael Consing Jr. has disclosed that the management of the country’s first sovereign wealth fund is willing to invest into the National Grid Corporation of the Philippines (NGCP) to upgrade its systems.
Romualdez floated the idea after Panay Island was hit by a massive power outage earlier this week due to multiple power “trippings” in the area.
“Kung titingnan po natin yung transmission ng grid, when you got a significant amount of renewable power going into the grid that creates volatility in NGCP. There’s a need to ensure that significant amount of auxiliary services to back up the grid and that requires a significant amount of capital, and that’s where MIC can help,” Consing revealed in an interview with CNN Philippines.
He added that the NGCP has funds for upgrades but may not be enough due to the rapid increase in the generation of renewable power that’s coming in, which in turn causes volatility in the grid.
“I think there is capital out there for them to be able to deploy but I don’t think it’s enough and that’s basically where we can come in and provide support,” Consing quipped.
He explained that the NGCP needs a “substantial amount of capital” to upgrade.
“NGCP is a very profitable organization, the backbone of our electricity ecosystem. It generates a significant amount of cash flow,” Consing assured.
(el Amigo/MNM)
