GDF SUEZ Increases Its Ownership Interest in Astoria Power Plant in New York City

HOUSTON, Feb. 23 /PRNewswire/ -- GDF SUEZ Energy North America, Inc. today announced that it has increased its ownership interest from 30.45% to 58.54% in the 575 MW Astoria Energy I natural gas-fired power plant located in the Queens Borough of New York City, making the company the largest shareholder in the facility.

"Our increased investment in Astoria I puts us on a path toward building an even more meaningful  participation in the high-value electricity market of metropolitan New York," said Zin Smati, president and chief executive officer of GDF SUEZ Energy North America.  "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."  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. ConEdison of New York serves more than nine million residents and is one of the largest electric utilities in the nation.

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.

About GDF SUEZ Energy North America, Inc.:

GDF SUEZ Energy North America, Inc. manages a range of energy businesses in the United States, Mexico, and Canada, including electricity generation and cogeneration, natural gas and liquefied natural gas (LNG) distribution and sales, asset-based trading and origination, and retail energy sales and related services to commercial and industrial customers.

GDF SUEZ Energy North America owns and/or operates a total of 60 power, cogeneration, steam, and chilled-water facilities, including those in construction, representing a capacity of more than 7,000 MW of electricity generation, 6.0 million pounds per hour of steam, and 42,000 tons per hour of chilled water.  Renewable fuels—wind, hydro, and biomass—power 23 of the facilities in the portfolio, two of which are among the largest wind farms in eastern Canada.  The company's natural gas assets include an LNG receiving terminal in Everett, Massachusetts, which currently meets approximately 20 percent of New England's annual gas demand; an offshore LNG import facility off the coast of Massachusetts; and natural gas distribution networks and pipelines in Mexico that serve more than 385,000 customers.

GDF SUEZ Energy North America is part of the international energy group, GDF SUEZ.

SOURCE GDF SUEZ Energy North America

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