$983m Queens power plant light years ahead of its time.

The construction of one of New York City's largest power plants in more than 25 years has begun in Astoria.

The $983-million Astoria Energy power plant will use state-of-the-art, natural gas, combined cycle gas turbines to produce 500 megawatts of electricity in its first phase, which represents approximately 5% of the city's peak power requirements. Commercial operation is projected for April, 2006.

"The new Astoria Energy plant will use smart, environmentally-responsible technology to meet New York City's current and growing energy demands," said Gov. George E. Pataki.

"This new plant will ease constraints on New York's overloaded system, help to control energy prices, and simultaneously address important environmental issues that relate to power production."

This environmentally progressive project is located on a 23-acre site in northwest Queens, which for the past 50 years served as an oil storage and distribution facility.

It also is approximately 3,000 feet from the Astoria substation complex owned by Consolidated Edison Company of New York to which the new plant will interconnect for transmission of the electricity that it will generate.

The financial closing announced today will cover the first 500 MW of generating capacity.

SCS Energy LLC has been the lead developer of the Astoria Energy project since its inception in 1999.

Astoria Energy selected Stone & Webster, Inc. as the Project's Engineering, Procurement and Construction contractor.

A subsidiary of The Shaw Group, Inc. Stone & Webster is a full service engineering and construction company with over 100 years of experience, including the construction of power projects totaling 200,000 MWs.