Maharlika eyeing NGCP shares of State Grid of China

The Maharlika Investment Corp. (MIC) is open to acquiring shares of the State Grid Corp. of China (SGCC), which owns 40 percent of the National Grid Corp. of the Philippines (NGCP).

- By BRIX LELIS

"If it becomes available, I think so, yes," MIC president and CEO Rafael Consing Jr. said when asked whether the MIC considers getting shares of the SGCC amid concerns regarding the influence of Beijing in the operation of the country's power grid.

But Consing clarified that MIC is "not having any discussions with SGCC at this point in time."

At the same press briefing, Energy Secretary Raphael Lotilla said the investment would allow "greater transparency" in the operation of NGCP.

"As NGCP is stating that there is nothing to fear from the presence (of Chinese in the board), then we will be in a better position to confirm or affirm that," Lotilla said.

"On the other hand, if there are other things that need to be strengthened, for example the cyber security of the transmission lines of the country and the transmission facilities, then we would also be able to - government would also be better able to contribute to addressing those issues," he said.

P1.28 B/year projected

The MIC is expected to generate P1.28 billion per year in the next three years with its P19.7-billion investment in the NGCP, its first since its establishment in 2023.

Its exposure in NGCP is also expected to help significantly reduce the cost of electricity in the country, officials said yesterday.