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
"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
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