电报群搜索工具:San Miguel CEO doesn’t expect funding crunch for power unit
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MANILA: San Miguel Corp’s power unit isn’t expecting a shortage in funds after regulators declined its request to raise charges to recover losses from higher coal costs, says Ramon Ang (pic), president of the Philippines’ largest conglomerate.
“Banks will always take away your umbrella when it’s rainy season when you don’t have the money,” Ang said. “But we have the money to pay.”
Refinancing for San Miguel and its units is done, he said, without elaborating.
Ang made the comments after a Bloomberg Intelligence report said San Miguel unit SMC Global Power Corp risks a funding shortfall of as much as US$1bil (RM4.7bil) by June 2023. SMC Global Power, one of the nation’s top two electricity generators, will free up as much as 12 billion pesos (US$204mil or RM959.2mil) as its annual lease with the government for the 1,200-megawatt Ilijan power plant ends this year, Ang said.
It also expects 14 billion pesos (RM1.12bil) in savings when its lease for the 1,200-megawatt Sual plant terminates in 2024.
These savings will be more than enough to offset the 15 billion peso (RM1.2bil) loss the company incurred from a fixed-price supply contract with Manila Electric Company “assuming we don’t go out and continue to carry the cost,” Ang said.
Regulators in late September rejected SMC Global’s petition to raise tariffs to recover higher coal costs, which surged to US$440 (RM2,069) per tonne from US$65 (RM305) when it entered into the supply contracts in 2019. — Bloomberg