Mitsui buys 21% of New York gas plant from GDF SUEZ

Japan’s Mitsui & Co. Ltd. said Oct. 31 that it has acquired a 20.6% interest in the Astoria I power generation project in New York City from GDF SUEZ Energy North America, a subsidiary of the global energy group GDF SUEZ S.A.

The 575-MW (nameplate) project overall is valued at about US$1bn. It is an independent power producer that operates a gas-fired combined cycle power station in New York City, one of the major power consuming regions in the U.S.

The project currently supplies power to a subsidiary of Consolidated Edison under a power purchase agreement (PPA) through May 2016. After the term of the PPA, the project is planned to sell electricity to the New York market.

The project commenced commercial operation in May 2006, and is anticipated to contribute to the stable power supply as a state-of-the-art power plant, supporting the expected further growth in electricity demand in the region for years to come, Mitsui noted.

This project deal strengthens the global partnership between GDF SUEZ and Mitsui, which covers power generation and liquefied natural gas (LNG) export businesses across 12 countries worldwide. As for power projects in North America, this project is the second collaboration between GDF SUEZ and Mitsui after Mitsui’s participation in a 680-MW renewable generation portfolio developed by GDF SUEZ in Canada in 2012.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.