The Department of Energy (DOE) has welcomed the completed privatization of the Caliraya–Botocan–Kalayaan (CBK) Hydroelectric Power Plant Complex, citing the transaction’s role in supporting consumer welfare and grid reliability.

The CBK complex was sold by the government to the Thunder Consortium, led by Aboitiz Renewables Inc. together with Sumitomo Corporation and Electric Power Development Co. Ltd., after the group submitted the highest bid during the privatization process. The sale was formally closed on December 19, 2025.

In a statement released on December 23, Energy Secretary Sharon S. Garin said the successful closing reflects the government’s commitment to transparent and competitive energy sector reforms under the Electric Power Industry Reform Act (EPIRA).

“The successful privatization of the CBK Hydroelectric Power Plant Complex affirms our commitment to transparency, competition, and reforms that ultimately benefit electricity consumers,” Garin said.

The DOE emphasized that CBK remains a strategic renewable energy asset for the Luzon Grid, noting its role in providing operational flexibility that helps stabilize power supply as the generation mix evolves.

According to the department, hydroelectric facilities like CBK are critical in balancing the grid, particularly as variable renewable energy sources continue to expand.

The DOE also reiterated the broader mandate of the Power Sector Assets and Liabilities Management Corporation (PSALM), which continues to oversee the orderly privatization of National Power Corporation (NPC) assets and the settlement of power sector obligations beyond the CBK transaction.

The department said the completed sale also aligns with President Ferdinand R. Marcos Jr.’s directive to pursue energy reforms that prioritize reliable and affordable electricity service for consumers.

With CBK’s privatization now completed, how will future power sector reforms balance asset privatization, grid stability, and long-term consumer protection?

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