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Astoria power plant sale complete

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A $975 million sale of a power plant located at 21-01 20th Ave. in Astoria and two in Brooklyn generating together nearly a quarter of New York City's energy was finalized Thursday, an official of the acquiring company said.

US Power Generating Co. of Manhattan and Madison Dearborn Partners, LLC of Chicago completed the purchase of the plants from Reliant Energy of Houston, Jacob Worenklein, chairman and chief executive officer of US Power, said.

"We expect to invest in these power plants to enhance their reliability and efficiency, to improve environmental quality in our communities and to help meet the energy needs of the growing population and economy of New York," Worenklein said.

The takeover was approved by state and federal regulatory commissions, including the state Public Service Commission, which gave its backing last week, he said.

Posted 7:15 pm, October 10, 2011
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