SOPOT, Poland Nov 30 Kulczyk Investments,
controlled by Poland's wealthiest man Jan Kulczyk, expects to
pick a general contractor for its planned power plant in the
north of the country in the first quarter of 2013, its chief
executive said on Friday.
The project, known as Elektrownia Polnoc, is to consist of
two 1,000 megawatt coal-fired blocks. It is scheduled to be
completed by 2016-2017 and is expected to cost 12-15 billion
zlotys ($3.8-4.8 billion).
In March, Kulczyk Investments said it had shortlisted seven
bidders for the project, with major Polish builders Polimex
, Mostostal Warszawa and PBG saying
they placed bids.
"We are now talking to two, three groups and we will
probably select the general contractor in the first quarter,"
Dariusz Mioduski told Reuters on the sidelines of a power
"We are simultaneously working on the financing. We have
sent documents to banks and received very positive feedback."
Industry experts warn, however, that slumping forward power
prices are making it difficult for Polish utilities to attract
the financing needed to build new generation in the coming
The benchmark contract for next-year delivery closed on
Thursday at 170.01 zlotys per megawatt hour on the Polish power
exchange POLPX, over 20 percent down on the year.
"It is true that the prices of power for this and next year
do not look too good. But you have to look at them from a
broader perspective. By 2017 they will certainly rise," Mioduski
($1 = 3.1513 Polish zlotys)
(Reporting by Maciej Onoszko; Editing by Mark Potter)