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9 November 2006 -- Mirant's auction of its assets in the Philippines will be delayed due to technical problems at one of its plants in northern Pangasinan province.

A source for Reuters new agency said the problems could lower bids for the plant and might cost Mirant up to $300 million in lost revenue for the repairs.

The 1,200 MW plant has already had problems with one unit and Mirant took into account the problem in its original bid, according to the source for Reuters. However, now Mirant may have to reassess its pricing with a second unit at the same plant breaking down.

Mirant is selling 2,203 MW of generation assets in the Philippines.

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