SanMig,Aboitiz give top bids for Philippine power deals

Published: 27 Aug 2009 23:25:04 PST

MANILA, Aug 28 - The energy unit of Philippine conglomerate San Miguel Corp PS> submitted the highest bid of $1.072 billion for a contract to purchase power from the 1,000 megawatt Sual coal-fired plant, results of the bidding on Friday showed.

Therma Luzon, a unit of the Aboitiz group , gave the top bid of $691 million for a deal to purchase power from the 700 mw Pagbilao coal-fired facility.

The two firms improved their bids from a June auction that the state agency PSALM declared a failure because bids did not meet the floor price for the deals. [ID:nMNA000275].