NEW YORK, July 5, 2011 /PRNewswire/ -- GDF SUEZ and
International Power (70% owned by GDF SUEZ) are pleased to announce
that the Astoria Energy II plant in New
York City commenced commercial operation on July 1. The 575MW gas-fired project, in
which IPR-GDF SUEZ North America has a 30% equity interest, will
sell its entire output to the New York Power Authority under a
20-year contract. The total project cost of Astoria Energy II
is approximately US$1.3 billion
(euro 0.9 billion).
(Photo:
http://photos.prnewswire.com/prnh/20110705/DA30264)
New York, along with the New
England, Texas and Mid-Atlantic
states, is one of the four key U.S. markets for IPR-GDF SUEZ North
America.
Gerard Mestrallet, Chairman and CEO of GDF SUEZ, commented,
"Developing an enhanced and strategic presence in the high-value
New York City market has been a
key objective for us. When we acquired our initial stake in Astoria
Energy, the expansion of the project on the adjoining site provided
an attractive option to add further value. The technology,
location, and long-term supply contracts of the Astoria Energy
facilities are all solid assets, and are well positioned to meet a
strong demand for environmentally sound, in-city power
production."
Philip Cox, CEO of International
Power, said, "New York is an
attractive market and this project adds to our existing interest in
the 575MW Astoria Energy I facility. Backed by a long-term offtake
contract with one of the largest state public power organizations
in the United States, Astoria
Energy II further strengthens our North
America portfolio."
This project is funded by debt and equity in a 72:28
debt-to-equity ratio. IPR-GDF SUEZ North America's equity
interest in the project amounts to US$109
million (euro 75 million) for
its 30% share.
Notes to Editors
An exchange rate of US$1:euro 0.6882
has been used in this announcement.
IPR-GDF SUEZ North America has a 59% interest in the Astoria
Energy I project.
IPR-GDF SUEZ North America has sustainable positions in power
generation, natural gas and LNG, and retail electricity sales in
the United States, with
strongholds in the Northeast and Texas. As the top LNG importer in the United States, IPR-GDF SUEZ North America
is serving approximately 20% of New England's natural gas demand.
It is also a leading United States
electricity retailer, and a major power generator, having a
capacity of 14,000MW.
About International Power
International Power plc is a leading independent electricity
generating company with 70,196MW (gross) (41,550MW net) in
operation and a significant pipeline of 17,249MW (gross) (6,826MW
net) projects under construction as at 31
December 2010. International Power is listed on the London
Stock Exchange with ticker symbol IPR. GDF SUEZ holds a 70%
interest in International Power plc. Company website:
www.iprplc-gdfsuez.com.
About GDF SUEZ
GDF SUEZ develops its businesses around a model based on
responsible growth to take up today's major energy and
environmental challenges: meeting energy needs, ensuring the
security of supply, fighting against climate change and maximizing
the use of resources. The Group provides highly efficient and
innovative solutions to individuals, cities and businesses by
relying on diversified gas-supply sources, flexible and
low-emission power generation as well as unique expertise in four
key sectors: liquefied natural gas, energy efficiency services,
independent power production and environmental services. GDF SUEZ
employs 218,350 people worldwide and achieved revenues of
euro 84.5 billion in 2010. The Group
is listed on the Brussels,
Luxembourg and Paris stock exchanges and is represented in
the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ
Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI
Eurozone and ECPI Ethical Index EMU.
Company website: www.gdfsuez.com.
SOURCE GDF SUEZ