The Siemens group (NYSE:SI) will be supplying three power stations to the Israel Electric Corporation, the two companies agreed last week. Each combined-cycle station will have a capacity of 370 megawatts.

The stations, situated in Gezer and Haifa, are scheduled to commence production in 2004 and 2005.

Siemsnw ill also be responsible for maintaining the stations in the long run, using IEC personnel.

The deal is worth over $300 million to the German conglomerate.

The IEC commented that the power stations are the first of their kind in Israel, combining gas and steam turbines with a hydrogen-cooled generator.