Sale of Ravenswood Generating Station for USD 2.9 billion
National Grid has announced that it has signed an agreement to sell its 2,480 megawatt Ravenswood Generating Station in New York City to TransCanada Corporation for $2.9bn.
"We are delighted with the outcome of this process,̶1; Steve Holliday, Chief Executive of National Grid, said. ̶0;Not only have we quickly delivered on our obligations to the New York Public Service Commission to sell Ravenswood but we have also delivered value for our shareholders.
The sale is subject to regulatory approvals from the Federal Energy Regulatory Commission, the New York Public Service Commission and clearance under US anti-trust and foreign investment laws. Subject to these approvals, National Grid expects to complete the sale by summer 2008.
Ravenswood Generating Station, a 2,480 megawatt facility in Queens is primarily fueled by natural gas, and provides over 20 per cent of New York City's electricity supply. Ravenswood was acquired as part of National Grid's acquisition of KeySpan in August 2007.
Image: Ravenswood Generating Station is nicknamed "Big Allis", after the million-kilowatt Allis-Chalmers generator inside [Vidiot]