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State-run National Power Corp. (Napocor) is striking out proposals to terminate existing contracts with independent power producers (IPPs). Instead, it opt to buy out some deals to cut down on costs.
In an interview, Napocor president Federico E. Puno said the government utility cannot cancel the IPP contracts because of legal impediments.
"The proposal is not to preterminate but to buy out (the contract). There is a provision in all IPP contracts for a buyout," he said.
Last week, Senator Juan Ponce Enrile sought the investigation of the allegedly onerous power supply contracts the government has inked with IPPs. Mr. Enrile said these deals are …