Plant would use water from the Chancay river in Huaral province.
Groups from the Asian nation competing to build the US$550mn Ivirizu power station's dam and headrace tunnels.
The countries are already connected, via the Central Salta-Andes 345kV line which became operational in February 2016.
Pricing reforms will promote rational consumption and investment in production and infrastructure, according to energy minister Juan José Aranguren.
State electricity company says it has not changed its prices in 15 years.