Mirant Phils. reconsiders IPO plan

Mirant Philippines Inc. said yesterday that the inter-agency power review committee report naming its power plant in Sual, Pangasinan as one of five facilities whose contracts with the government are under question is affecting their plan to "go public."

Mirant’s Sual coal-fired power plant was linked to a Luzonwide blackout some years back.

Mirant spokesman Paul Flake, said they were surprised and disappointed as they never thought Sual would encounter any problems with the National Government.

"We do not know the issues against Sual. We followed the same terms of reference as everybody else," Flake was quoted to have said.

He added that they were surprised considering that the members of the review committee came from the same government agencies that were involved in giving approvals to their power plants including Sual. The government agencies represented in the review are the Department of Finance, the Department of Energy, the Department of Justice, and the National Economic and Development Authority (NEDA).

Mirant said they might be forced to reconsider their plant for an initial public offering (IPO) as the committee report would affect their profitability and marketability.