Formerly Salcon Power Corporation, SPC Power Corporation (SPC) is a venture company organized by members of the Salcon Consortium which entered into a Rehabilitation, Operation, Maintenance and Management (ROMM) agreement with the National Power Corporation (NPC) on March 11, 1994 for the purpose of undertaking the ROMM of the 203.8 megawatt (MW) Naga Power Plant Complex in Colon, Naga, Cebu. SPC has authorization to sell all of the electricity generated from the Naga Power Complex to NPC under a take-or-pay agreement. The ROMM Agreement provides that SPC shall, at its own cost, rehabilitate, operate, maintain and manage the power complex over the cooperation period of 15 years (up to 2009). The company shall receive fees from the NPC, its sole customer, for the conversion into electricity of fuel supplied by the latter at no cost to SPC throughout the cooperation period. Moreover, the fees are subject to an agreed energy minimum off-take (EMOT), which is the minimum guaranteed energy purchase by the NPC on a take-or-pay basis. SPC's subsidiaries are Bohol Light Company, Inc., Salcon Island Power Corporation and SPC Electric Company, Inc. SPC also maintains equity investments in Mactan Electric Company, Inc. and KEPCO SPC Power Corporation. Source: SEC Form 17-A (2008)