TransCanada Acquires Ravenswood Generating Station in New York
Posted on: Wednesday, 27 August 2008, 06:00 CDT
TransCanada has acquired through its subsidiaries all the outstanding equity of both KeySpan-Ravenswood and KeySpan Ravenswood Services, the companies which together own, control and operate the 2,480MW Ravenswood generating station located in Queens, New York, for $2.8 billion plus closing adjustments.
TransCanada brings in nearly 200 employees into its fold with the Ravenswood acquisition. Ravenswood is a gas and oil fired generating facility consisting of multiple units employing steam turbines, and combined cycle and combustion turbine technology.
Ravenswood is claimed to be an indispensable component of New York's electricity supply with the capacity to serve approximately 21% of the overall peak load in New York City.
The Ravenswood acquisition fits in with TransCanada's strategy to grow its North American pipeline and energy businesses. With this acquisition, TransCanada owns, or has rights or interests in, approximately 10,900MW of power generation in Canada and the US.
Hal Kvisle, president and CEO of TransCanada, said: "This acquisition positions TransCanada as a strong competitor in the New York City power market and considerably strengthens our overall operations in the northeast US area. We look forward to providing stable, reliable energy to the region for many years to come."
Source: Datamonitor
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