Orion Power Holdings Inc., jointly owned by affiliates ofGoldman, Sachs & Co. and Constellation Energy, bought theAstoria Generating Station, Gowanus Gas Turbine and Narrows GasTurbine facilities from Consolidated Edison Co. of New York forabout $550 million.

Orion assumed ownership of the plants, effective Aug. 20, andwill manage the operations of the assets from its newly formedOrion Power New York regional headquarters in Syracuse, NY. Thethree plants are located in the Queens and Brooklyn boroughs of NewYork City and have a total summer generating capacity of 1,855megawatts, representing about 25% of the city’s generatingcapacity, enough to serve two million customers. The AstoriaGenerating Station has a total generating capacity of 1,090 MW.Gowanus Generating Station is a 494 MW combustion turbine facilityand Narrows Generating Station is a 271 MW combustion turbinefacility. The generating stations burn either gas and/or fuel oil.

Orion has invested more than $1 billion in power generationassets in the State of New York over the last 12 months. Theseplants, when combined with Orion’s Carr Street Generating Stationand the 71 hydroelectric generating facilities recently acquiredfrom Niagara Mohawk Power Corp., bring Orion’s generating capacityto about 2,600 MW in the region.

Orion of Baltimore, MD, was formed in March 1998 to acquireelectric generating plants throughout North America

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