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| Iberdrola takes 40% of portuguese generation capacity Spain’s power giant Iberdrola took 40% of the electricity supply capacity awarded at the "Virtual Power Plant" auction held by Energias de Portugal (EDP) and Redes Energeticas Nacionais (REN). The company will thus be able to supply an additional 327,600 megawatt hours (MWh) to Portuguese consumers in the second and third quarters of the current year, a capacity that becomes part of Iberdrola's energy portfolio in the European market and enables the company to strengthen its position in the Iberian Electricity Market (Mibel). The initiative, under which a total of 873,600 MW/h were put on the block, is intended to allow new players to enter the Portuguese market, and drive further liberalisation. These auctions of supply capacity come within the framework of the regulatory harmonisation accords between Spain and Portugal that were signed on 8 March, 2007 in Lisbon. The power acquired by Iberdrola will come from Portuguese power stations managed by REN Trading, which owns the long-term contracts for the Pego and Tapada plants. The electricity will supply Iberdrola customers in Portugal, and strengthen the Spanish utility's market position in the country. IBERDROLA's position will be further strengthened by the construction of a combined cycle power station with a capacity of some 850 MW in Figueira da Foz, at an investment cost of some €450 million. The new plant will lift the Spanish company's Portuguese generation capacity to above 1,000 MW. write your comments about the article :: © 2008 Construction News :: home page |