ECONOMY

Albanian power

TIRANA (AP) – Albania’s state-owned electric company chose Iberdrola SA and the Greek branch of Siemens AG on Friday for contracts worth 18.5 million euros to upgrade the power distribution network in three towns. The Albanian Electro-Energy Corporation, or KESH, said Iberdrola, Spain’s second-largest electricity company, will install distribution substations under a contract worth 8.8 million euros. The Greek branch of the German company Siemens AG, Siemens AE, was chosen to improve distribution power meters and lines in a contract worth 9.7 million. The electric company said both projects would be over in 14 months. The projects, using money lent from the World Bank, will be in Durres, 33 kilometers west of the capital; Elbasan, 55 kilometers south of Tirana, and Berat, 110 kilometers south of Tirana. Following significant improvement of its management over the last two years, KESH has received hundreds of millions of euros in loans to be invested in the power system.