Tuesday, 22 June 2010

Sy takes over power grid

Manila Bulletin

Three months after acquiring 30-percent equity held by the Razon group in the National Grid Corporation of the Philippines (NGCP), Henry Sy Jr. is taking the helm of the country’s power transmission grid as its president and chief executive officer (CEO).

The son of shopping mall magnate Henry Sy, bought the shareholdings of Monte Oro Resources Grid Corporation in NGCP for $350 million via his One Taipan Holdings.

The deal was concluded in March this year with the other relevant shareholders in NGCP being Calaca High Power, of the Coyiuto group, with 30-percent equity; and State Grid of China, with 40-percent shareholdings.

It was announced in a press statement that Sy Jr. was elected by the NGCP board to the top management post last week.

He is also currently the vice chairman and CEO of SM Development Corporation, and vice chairman of SM Investments Corporation.

In taking the company’s management controls, Sy Jr. emphasized on working “closely with his partners to ensure that the company delivers on its commitment to provide transmission reliability and efficiency anchored on continuously improving its facilities and keeping the NGCP workforce highly motivated.”

It must be recalled that a year-long skirmish among shareholders at NGCP affected the implementation of projects that could have started improving the country’s transmission as soon as the concessionaire to the National Transmission Corporation (TransCo) took over in January 2009.

“NGCP will prioritize the preparation of a long-term master plan to develop a contiguous National Grid that will connect all the major islands in the country with the assistance of the State Grid of China, its foreign financial and technical partner,” Sy Jr. said.

Among the improvements he will be focusing on is closer coordination with other stakeholders in alerting consumers of supply deficiencies and other problems in the power system.

“We hope the Government will be able to implement measures that will encourage future investments in generation to avert any protracted brownouts which is not good for business,” Sy stressed.

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