Tasked to help transform the power industry into a competitive, market-driven sector is the Power Sector Assets and Liabilities Management Corporation (PSALM). PSALM began operations on July 11, 2001 to take ownership, manage, privatize and dispose of all existing generation assets, liabilities, real estate and other disposable resources of National Power. These include contracts with independent power producers that the state-owned power firm tapped in the 1990s − the height of the crippling power crisis − to put up the additional generating capacity that the country needed to ensure an adequate supply of electricity - Ayala Ave., Makati City.