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TransCanada Increases Stake in NE Power Market

TransCanada Increases Stake in NE Power Market

TransCanada PipeLines Ltd., through its wholly-owned subsidiary, TransCanada OSP Holdings Ltd., reported last week it purchased an additional 29.9% interest in an Ocean State Power (OSP) plant from National Grid USA for an estimated $61 million, making it the sole owner of the OSP facility. The transaction is expected to close by September, pending regulatory approvals.

The 560 MW, combined-cycle plant, which is located in Burrville, RI, is considered one of the largest gas-fired facilities in the Northeast region. It is fueled by 100 MMcf/d of gas from western Canada.

"This acquisition completes our strategy to control 100% of the OSP plant and better positions TransCanada to compete in the rapidly growing U.S. Northeast power market," said TransCanada President Doug Baldwin.

In addition to full ownership in the OSP plant, TransCanada announced last week that it plans to build two new gas-fired co-generation plants in Alberta. TransCanada also manages, operates and is the largest partner in TransCanada Power L.P., a publicly held limited partnership that owns a total of six power plants in Ontario, British Columbia and New York State, with a seventh plant nearing completion.

Susan Parker

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