National Grid announced that it will be moving expeditiously to divest the Ravenswood Generating Station, which was acquired as part of the company's August 24 acquisition of KeySpan Corp. Divestiture of the plant was a condition of the New York State Public Service Commission order approving the acquisition of KeySpan by National Grid.
"National Grid is committed to moving this process quickly forward to meet the requirements and expectations of the New York PSC," said Steve Holliday, chief executive of National Grid. "We expect to announce the winning bidder by the end of the first quarter of 2008. Subject to regulatory approvals, this timetable is well in advance of the three year period allowed by the New York PSC."
Ravenswood Generating Station, a 2,400-megawatt facility in Queens, N.Y. is primarily fueled by natural gas and provides approximately 25 percent of New York City's electricity supply.