Natural gas-fueled power plant sees increased investment by GDF Suez

GDF SUEZ Energy North America, Inc. said it has increased its ownership interest from 30.45% to 58.54% in the 575 MW Astoria Energy I natural gas-fueled power plant  located in the Queens Borough of New York City, making the company the largest shareholder in the facility.

The majority of Astoria Energy I's capacity, 500 MW, is being purchased by ConEdison of New York under a 10-year Power Purchase Agreement.

In addition, in September 2009, GDF SUEZ Energy North America announced it had acquired a 30% ownership interest in the new 575 MW Astoria Energy II project, a natural gas-fired facility currently under construction. The Astoria Energy II facility will supply 100% of its generating capacity to the New York Power Authority (NYPA) under a 20-year Power Purchase Agreement. The facility will provide power to several of NYPA's municipal customers, including the City of New York, the Metropolitan Transportation Authority, the Port Authority of New York and New Jersey, the New York City Housing Authority, and the New York State Office of General Services. In addition to holding ownership interests in both the Astoria I and II plants, GDF SUEZ Energy North America serves as the plant operator and asset manager of Astoria Energy I and will do the same for Astoria Energy II when it begins commercial operation, currently anticipated during the second quarter of 2011. Upon completion of Astoria II, GDF SUEZ will own an interest in 1,150 MW in the NY ISO Zone J market and 1,267 MW in NY ISO.

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