Iberdrola Bids 1.6 Billion Zloty to Build Power Plant

(Corrects weighting of price in decision in last paragraph.)

A group including Iberdrola SA (IBE) of Spain placed a lowest bid to build a power plant in the Polish eastern city of Stalowa Wola, Deputy Chief Executive Officer Radoslaw Dudzinski of Polskie Gornictwo Naftowe i Gazownictwo SA (PGN), one of the investors, said in Warsaw today.

Iberdrola bid 1.6 billion zloty ($455 million) to build a 400-megawatt, gas-fired facility that a joint venture of Gornictwo, Poland’s dominant gas company, and power utility Tauron Polska Energia SA (TPE) plans to build by 2014, Dudzinski said.

Price has an 80 percent weighting in the decision, Dudzinski said, adding that the Iberdrola bid is within the 1.9 billion-zloty budget set for the investment.

To contact the editor responsible for this story: Maciej Martewicz at mmartewicz@bloomberg.net

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