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2 April 2008 -- TransCanada Corp. plans to buy from National Grid plc control of the 2,480 MW Ravenswood Generating Facility in Queens, N.Y. for US$2.8 billion (or $1,129.kW) plus closing adjustments.

Ravenswood is a gas- and oil-fired generating facility consisting of multiple units employing steam turbine, combined cycle and combustion turbine technology. Ravenswood has the capacity to serve approximately 21 percent of the overall peak load in New York City.

National Grid is divesting its 100 percent interest in Ravenswood as part of a New York Public Service Commission order approving its acquisition of KeySpan Corp. The acquisition is subject to various state and federal government approvals which are expected during the next few months.

TransCanada's energy portfolio and activities in the U.S. Northeast also include:
567 MW of hydroelectric assets on the Connecticut and Deerfield Rivers in New England; the 560 MW Ocean State Power gas-fired combined-cycle power plant in Rhode Island; and the proposed 132 MW Kibby Wind Power project in western Maine.

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