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NEW YORK, March 31, 2004 -- KeySpan Corp. on Monday threw the switch to start up its new state of the art 250-megawatt combined-cycle electric-generating station at its Ravenswood facility in Long Island City, Queens.
The plant is the first base-load electric generating-station to be built in New York City since deregulation of the electric industry in the 1990s and the first to come on line since the 2003 blackout. Through complex engineering, it was uniquely designed to fit into a 2.4 acre footprint adjacent to KeySpan's existing facility.
It employs combined-cycle technology, which captures heat to produce more power and increases the plant's overall efficiency. KeySpan set a record for Article X approval with the support of the National Resources Defense Council with its choice of technology and improvements made to its existing facility. The Article X siting process was completed in a just 226 days; construction of the new plant began in 2002.
"KeySpan is proud to provide the first new source of electric power to New York City since last year's blackout," said Robert B. Catell, Chairman and Chief Executive Officer of KeySpan. "The plant, the City's cleanest and most efficient, will enhance the reliability of our local power supply and help the City meet its growing need for electric power."
To mark the milestone for KeySpan and the City of New York, Catell will ring the closing bell at the New York Stock Exchange this afternoon. In recognition of its engineering efforts, KeySpan is receiving the "Combined Cycle Journal's" 2004 Power Plant Award at the Electric Power Conference & Expo in Baltimore today.
The new plant expands by 250-megawatts, or 12%, the capacity of KeySpan's Ravenswood electric-generating station. This plant is capable of even greater efficiency by supplying steam to the New York City/Manhattan electric grid. The largest generator in New York City, Ravenswood now provides 2,400 megawatts of electric power, or about 25% of New York City's electric needs.
The expansion of Ravenswood is consistent with KeySpan's strategy of growing its core electric business and providing additional growth and earnings for its shareholders.
A member of the Standard & Poor's 500 Index, KeySpan Corp. is the fifth largest distributor of natural gas in the United States and the largest in the Northeast, operating regulated gas utilities in New York, Massachusetts and New Hampshire, serving 2.5 million customers.
These customer-focused businesses are complemented by a portfolio of service companies which offer energy-related products, services and solutions to homes and businesses. KeySpan is also the largest electric generator in New York State.
For more information, visit KeySpan's web site at www.keyspanenergy.com.
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