London-based National Grid plc will sell Ravenswood Generating Station (Figure-1), a facility in Queens, N.Y., that provides more than 20% of New York City’s overall peak load, to TransCanada Corp. for $2.9 billion this summer. Ravenswood Generating Station was a 2004 POWER Top Plant (July/August 2004, p. 32).
National Grid was obligated to divest itself of the 2,840-MW facility to fulfill a condition of the New York Public Service Commission (NYPSC) order approving the company’s $7.9 billion acquisition of KeySpan LLC, a New York utility, in August 2007. The gross asset value of Ravenswood in KeySpan’s last audited accounts was $1.2 billion at Dec. 31, 2006. The station reported an operating income of $138 million for 2006. The Ravenswood acquisition by Trans-Canada is subject to regulatory approvals from the Federal Energy Regulatory Commission and the NYPSC, and to clearance 1. Sold! Ownership of Ravenswood Generating Station in Queens, N.Y., will pass from National Grid to TransCanada this summer.
1. Sold! Ownership of Ravenswood Generating Station in Queens, N.Y., will pass from National Grid to TransCanada this summer.
under U.S. anti-trust and foreign investment laws.Approvals from these bodies are expected in the next few months.In addition to Ravenswood’s vital supply, TransCanada will own, or have interests in, over 10,200 MW of power generation in Canada and the U.S. The company’s activities in the U.S.
Northeast include hydroelectric generation assets of 567 MW on the Connecticut and Deerfield Rivers in New England, and Ocean State Power, a 560-MW gas-fired combined-cycle power plant in Rhode Island.TransCanada is also currently vested in a proposed 132-MW wind energy project in western Maine. The Ravenswood Generating Station, which began operating in 1963, is primarily fueled by natural gas. Its multiple units employ steam turbine, ombined-cycle,
and combustion turbine technology.