Manila: President Ferdinand R. Marcos Jr. on Monday emphasized the significance of clear rules and shared responsibility between the government and private sector as he led the turnover of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plants to a private consortium. Marcos stated that partnerships between the public and private sectors are crucial for ensuring that essential services like electricity remain reliable, affordable, and meet public needs.

According to Philippines News Agency, the CBK complex, one of the largest hydropower facilities in Luzon, generates a combined 797 megawatts of electricity. The facility consists of three plants, each with distinct roles: Caliraya stores water, Botocan generates power using flowing river water, and Kalayaan balances electricity supply and demand during peak hours. Marcos highlighted that the system is vital for maintaining the stability of the Luzon power grid, particularly as the country moves towards increased renewable energy use.

The President also noted that the government raised over PHP 36.27 billion from the privatization of the CBK facilities. These funds can now be used for essential public needs such as classrooms, roads, and hospitals. He added that the turnover to the Thunder Consortium, which includes Aboitiz Renewables Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd. (J-POWER), reflects investor confidence in the country's energy policies and public-private partnership approach.

Department of Energy (DOE) Secretary Sharon Garin explained that the privatization of the CBK is mandated under Republic Act No. 9136, also known as the Electric Power Industry Reform Act (EPIRA). She mentioned that CBK is a crucial source of capacity, particularly during the dry season when demand increases. Garin assured that the privatization would not lead to higher power rates, as the energy sector is heavily regulated, requiring price approvals from the Energy Regulatory Commission (ERC).