NY PUC Approves Generating Unit Sales
Consolidated Edison Co. of New York will collect $1.1 billion
and Niagara Mohawk Power Corp. will pick up $355 million on sales
of several fossil-fueled generating plants, approved Thursday by
the New York State Public Service Commission.
The plants were auctioned by the companies as part of the
Commission's plan to introduce competition into the electric
generating industry in New York State,
Con Edison's sale involved two steam-electric plants and one gas
turbine unit at Arthur Kill in Staten Island and a portion of its
facilities at Astoria Generating Station consisting of 20 gas
turbine units, all totaling 1,456 MW of power to NRG Energy Inc.
for $505 million. It also sold three steam-electric plants and a
block of 16 gas turbine plants totaling 2,168 MW at Ravenswood in
Queens to a subsidiary of Keyspan Energy for $596.8 million.
Niagara Mohawk sold its Huntley plant consisting of six
coal-fired units totaling 760 MW and its Dunkirk plant comprised of
four coal-fired units totaling 600 MW to NRG Energy Inc. for $355
NRG Energy Inc. is one of the world's largest independent power
producers, having about 14,000 MW in generating projects worldwide.
It is a wholly-owned subsidiary of Northern States Power, a utility
holding company with a subsidiary providing retail electric service
in Minnesota, North and South Dakota, Wisconsin and Michigan.
Keyspan Energy is a holding company whose affiliates are engaged
in electric generation, natural gas distribution and exploration,
transmission and distribution, energy services and appliance
service and repair. It operates facilities with approximately 4,000
MW of installed generation capacity. KeySpan affiliates include
Brooklyn Union Gas Company and KeySpan Generation LLC, which owns
the electric generation capacity formerly owned by the Long Island
In a related action, the commission decided to establish new,
separate proceedings to consider how the net proceeds from the Con
Edison and Niagara Mohawk auctions of generating plants should be
used to benefit each of the companies' customers. The new
proceedings will be initiated once each company's sales of other
nonnuclear generating plants have been completed.
©Copyright 1999 Intelligence Press Inc. All rights reserved. The
preceding news report may not be republished or redistributed, in
whole or in part, in any form, without prior written consent of
Intelligence Press, Inc.