UPDATE 1-Brazil awards contracts for 2.98 gigawatts of new power projects

SAO PAULO, Oct 18 (Reuters) – The Brazilian government awarded on Friday contracts for companies to build new power generation installations with combined capacity of 2.98 gigawatts, that will cost about 11.16 billion reais ($2.71 billion) to be built.

According to the power trading chamber CCEE, the new plants, which will need to be operational in six years, will sell energy for an average price of 176 reais per megawatt, a 33% discount over the initial price at the auction.

By Luciano Costa via Yahoo Finance

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