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A consortium led by Japan's Marubeni Corporation has proposed the lowest tariff to build a 2,000 megawatt power plant in Riyadh for Saudi Electricity Company (SEC).

The consortium, which also includes Kansai Electric and Saudi Masader Company for Power, Water and Gas, proposed a levelised electricity cost ? which includes costs of production, fuel, financing and operations ? of SR0.077 per kilowatt hour, Saudi Electricity said. In a statement on its website Saudi Electricity stated it would examine legal and technical aspects of all bids before signing a power purchase agreement (PPA) by the end of March. "Bids are now under evaluation, within a month or a month and a half we will have a clear picture," Amr Al Swaha, head of independent power producer (IPP) projects, said.? The combined-cycle plant would use gas and will start its first phase of operation by 2012.