TransCanada Corp agreed to buy the 2,490 megawwatt Ravenswood power station, right, for $2.9 billion from National Grid PLC of Britain, which needed to divest itself of the property to comply with New York state regulation. National Grid had acquired the Ravenswood power station as part of its $7.3 billion takeover of KeySpan, a New York utility, in August 2007. Divestiture of Ravenswood was a condition of the New York Public Service Commission. The Ravenswood plant accounts for more than 20% of New York City's supply of electricity.
TransCanada owns or has interests in the producers of approximately 7,700 megawatts of power generation. The company also owns generators in New Hampshire, Massachusetts, Rhode Island and Vermont, according to its Web site. TransCanada, along with Shell US Gas and Power LLC, is also planning to build the Broadwater Energy liquefied natural gas terminal off Long Island Sound, which could bring the gas from Broadwater to Ravenswood and convert it to electrical power and sell it to the people of New York. TransCanada is based in Calgary, Alberta and is one of North America's largest natural gas grid operators and one of the largest gas storage providers with approximately 355 billion cubic feet of storage capacity. (The Wall Street Journal 4/2/2008)