=DJ UPDATE: Fortum Bids For Polish Power Plants, CEZ Stays Out

(Adds CEZ comment.)

   By Marcin Sobczyk and Sean Carney
   Of DOW JONES NEWSWIRES

WARSAW (Dow Jones)--The Polish unit of Finnish utility Fortum Oyj (FUM1V.HE) was the only company to make a binding bid for two Polish heat and power plants within the Friday deadline, the treasury ministry said in a statement Friday.

Czech utility CEZ (BAACEZ.PR) had said earlier in January it planned to file a bid for the two power plants, but company spokeswoman Eva Novakova confirmed late Friday it hadn't made a bid.

"After a thorough review and a look at the circumstances and other investment possibilities, we decided not to make an offer for [the power plants]," Novakova said.

She added that CEZ remains very interested in expanding in the Polish market and reiterated the company's plan to build a natural-gas fired power plant on the grounds of Skawina, its existing coal-fired power plant.

CEZ and Fortum were on the shortlist for 85% stakes in the two Polish power plants EC Zabrze and EC Bytom which the Polish treasury wants to sell by the end of the first quarter.

-By Marcin Sobczyk and Sean Carney, Dow Jones Newswires; +4822 447-2432; marcin.sobczyk@dowjones.com

(Marek Strzelecki in Warsaw contributed to this article.)

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(END) Dow Jones Newswires

January 29, 2010 11:33 ET (16:33 GMT)

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