State-run Power Sector Assets and Liabilities Management Corp. (PSALM) said it will focus on rehabilitating the Agus-Pulangi Hydropower Plant Complex and retiring a 210-megawatt coal-fired plant in Mindanao as part of its 2026 strategic goals.
The agency, which manages the assets and liabilities of the National Power Corp., also plans to privatize its 5.195-hectare Diliman property in Quezon City and conduct a fresh liability management exercise.
PSALM president Dennis dela Serna said the corporation met its objectives for 2025 and intends to maintain that momentum into 2026.
The 210-megawatt Mindanao coal-fired power plant in Villanueva, Misamis Oriental, is operated under an independent power producer contract set to expire in 2031.
Dela Serna said the agency plans to retire the facility rather than continue its operations.
Earlier this month, PSALM closed the sale of the 96.64-megawatt Caliraya-Botocan-Kalayaan Hydroelectric Power Plants (CBK HEPP) in Laguna to the Thunder Consortium.
The consortium, which consists of Aboitiz Renewables Inc., Sumitomo Corporation and Electric Power Development Co. Ltd., won the bidding with an offer of P36.266 billion.
The CBK HEPP remains a critical renewable energy asset providing clean power to the Luzon grid. Following the sale, PSALM is shifting its attention to the Agus-Pulangi complex in Mindanao to ensure the long-term reliability of the region’s hydropower supply.
PSALM said it would also begin the development process for its Diliman property. The site houses the offices of the National Power Corp. and the National Transmission Corp.
Liability management remains a core priority for the agency. As of June 30, 2025, PSALM reduced its financial obligations to P262.79 billion.
This marks a significant decrease of P977.81 billion from its peak debt of P1.240 trillion recorded in 2003.
