BRIEF: IEC moves ahead on emergency plan: It is not clear where IEC will obtain the financing for procuring the necessary equipment.

Sun. July 05, 2009; Posted: 03:33 PM

Jul 05, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- SI | Quote | Chart | News | PowerRating -- Despite the six-month delay in installing the natural gas turbines at the Ramat Hovav power station, Israel Electric Corporation (IEC) (TASE: ELEC.B22) is already moving ahead on the second stage of its emergency plan. Sources inform "Globes" that on Friday, the company published a tender for the supply of another turbine for the Ramat Hovav power station, as well as for turbines for the Eshkol and Hagit power stations, with an option for a turbine for the Alon Tavor power station.

The tender committee approved approaching seven companies: Alstom SA (Euronext: ALO), General Electric Company (NYSE: GE), Siemens AG (NYSE: SI; XETRA: SIE), Skoda Holding AS, Mitsubishi Power Systems Ltd., Hitachi Ltd., and Ansaldo Energy SpA.

IEC set August 2010 for delivery of the turbines. Industry sources estimate the tender at $400-450 million, not including the option, and $550 million with it. It is not clear where IEC will obtain the financing for procuring the equipment, since it already lacks the wherewithal to increase its liabilities.

The Public Utilities Authority (Electricity) approved an electricity rate hike of 4.2 percent to finance the first part of IEC's emergency plan, which is now six months behind schedule.

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