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OCEAN STATE POWER 'A' RATED SENIOR DEBT REFINANCED

 OCEAN STATE POWER 'A' RATED SENIOR DEBT REFINANCED
 BOSTON, Oct. 29 /PRNewswire/ -- Ocean State Power announced today


that it has refinanced $208 million of Ocean State Power I (OSP I) and Ocean State Power II (OSP II) senior debt. The notes, issued through a special purpose finance subsidiary, OSP Finance Company, were rated "A" by Standard and Poor's. The refinancing, led by 12 institutional lenders, will be used to fully repay the existing term indebtedness of OSP and OSP II under their respective construction credit facilities, which originally totaled $468.2 million.
 The refinancing fixes interest rates and includes three series of notes of approximately 10, 14 and 19 years, respectively. Ocean State Power sought to refinance at this time in order to lock in low-cost, long-term interest rates. "These low, fixed-interest rates will result in direct benefits to the facility's power purchasers, which include New England Power Company, Boston Edison Company, Montaup Electric Company and Newport Electric Corporation, and will help assure that the Ocean State Power facility remains among the most cost-effective sources of electricity for New England," noted Richard H. King, Jr., director, finance at J. Makowski Company.
 The Ocean State Power facility is a two-unit, natural gas-fired, 500 megawatt, combined-cycle electric generation station located in Burrillville, R.I., OSP I, 250 megawatts, began commercial operation on Dec. 31, 1990, and OSP II, 250 megawatts, began commercial operation on Oct. 1, 1991.
 OSP I and II are Rhode Island general partnerships whose partners are subsidiaries or affiliates of TransCanada PipeLines Limited, Eastern Utilities Associates, New England Electric System and J. Makowski Company, a Boston-based developer of energy supply and production projects. J. Makowski Management Corporation provides administrative and fuel management services to OSP I and II.
 -0- 10/29/92
 /CONTACT: Walt Howard or Rick King of J. Makowski Company, 617-227-8080/ CO: Ocean State Power; J. Makowski Company, Inc. ST: Massachusetts, Rhode Island IN: OIL SU:


CN -- NE015 -- 6835 10/29/92 17:33 EST
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Date:Oct 29, 1992
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