Iraq Close to Decision on $3bn Power-Plant Projects

Bloomberg reports that Iraq will award seven major electricity generation contracts within the next 2 weeks as part of a three-year plan to expand power capacity.

Kosay Sattar, the Electricity Ministry's director general of planning, said companies from Iran, Europe, Egypt and South Korea are bidding for $3 billion of orders to build 7,000 megawatts of capacity.

The ministry has already signed contracts with General Electric Co. (GE) and Siemens for the equipment needed to produce the plants.

The country will invest about $15 billion by 2015 to increase capacity by 20,000 megawatts to about 27,000 megawatts.

Contracts have already been signed for the remainder of the expansion, which includes 13,000 megawatts of gas-fired plants and 7,000 megawatts of thermal power plants, he said. The government is financing the project without borrowing, according to Sattar.

(Source: Bloomberg)

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