National Grid Corporation of the Philippines (NGCP) has officially taken over National Transmission Corporation (TransCo) on Jan 15, 2009. The inaugural ceremony was held in Manila, the capital of the Philippines at 9:00 am. Mr. Zheng Baosen, Vice President of State Grid Corporation of China unveiled the plaque for National Grid Corporation of the Philippines (NGCP).
NGCP is a joint venture invested by State Grid Corporation of China, Monte Oro Grid Resource Corporation of the Philippines and Calaca High Power Corporation. State Grid Corporation of China holds 40% shares of the Company.
This franchised project is the largest one invested by China in the Philippines, which carries great significance for power grid cooperation between the two countries.
In the morning of Jan. 14, contract-signing ceremony was held by National Grid Corporation of the Philippines, Power Assets Management Corporation of the Philippines and National Transmission Corporation of the Philippines. Mr. Zheng Baosen delivered speech on behalf of major shareholders and technological support parties of National Grid Corporation of the Philippines. He expressed that State Grid Corporation of China will deepen the cooperation with local partners, perform management responsibilities, utilize SGCC's advantages on grid management, talents development and technical innovation, share the experience of large grid operation, and provide professional technical and management support. He also emphasized that SGCC will make great efforts to improve the operation and management level of NGCP, guarantee the safety, stability and reliability of power supply and provide strong energy support for the social and economic development of the Philippines.