GE shares in $1B Algerian power plant contract

A partnership that includes a unit of conglomerate General Electric Co. has received a contract worth nearly $1 billion to build a new power plant in Algeria.

• GE Energy and its partner, Algerian electric company Shariket Karhaba Koudiet Eddraouch Spa, received the contract for the 1,200-megawatt gas-turbine power plant.
• GE said it also expects to sign a contract to provide maintenance and parts for the plant for 20 years. The plant is expected to enter service in 2011.