The Imperial Irrigation District's bid to purchase interest in a natural gas well field near Durango, Colo., was rejected, IID officials announced Tuesday.
IID's $175 million bid was one of the low offers, board President Andy Horne said in a telephone interview from Las Vegas this morning.
Horne did not know the amount of the winning bid but said it was "quite a bit more" than IID's.
Horne said it was his understanding there were several bids higher than $175 million for the natural gas supply that would have fueled local power plants for 15 years.
"Obviously, we're disappointed we didn't get the bid," Horne said.
The experience, however, was a valuable lesson for the board.
In preparing to make the bid, Horne said, the board learned a lot about gas availability, pricing and transportation, and it hasn't ruled out acquiring an operating interest in another gas well field.