Well it looks like Joker and Nene are already on to this half-billion-dollar boondoggle.

I admit that I am way removed from what’s going on here, but as I was reading this article, my first reaction was “What, they awarded the sale without even knowing how the owners expected top operate the plant in the first few years?!”

Meralco, based on my experience with their management, would not enter into even a ten-year purchase agreement without the supplier demonstrating firmly that there are credible arrangements in place to operate a plant. How much more so should the national government do so to ensure continued delivery of reliable electricity to its citizens and economy.

Sheesh! Is PSALM desperate or what. Oh yeah, I forgot; ADB has this sort of gun to their head.

The same ADB that is a major lender to Masinloc and will get early pre-payment of their liabilities, no doubt. Can anyone spell c-o-n-f-l-i… oh forget it.