The National Transmission Corporation (TransCo) is a government agency created under Republic Act No. 9136, otherwise known as the Electric Power Industry Reform Act (EPIRA) of 2001. Since March 1, 2003, TransCo operated and managed the power transmission system that links power plants to the electric distribution utilities nationwide. The same law mandated the privatization of TransCo through an outright sale or management concession agreement. Following a public bidding conducted in December 2007, the TransCo concession was awarded to the National Grid Corporation of the Philippines (NGCP), which eventually secured a congressional franchise to operate the transmission network through Republic Act No. 9511. On January 15, 2009, TransCo turned over the management and operation of its nationwide transmission system to NGCP. Ownership of all transmission assets however, remains with TransCo.