03:39 PM EST - TransCanada Corp. : has agreed to buy the Ravenswood generating station in New York City for US$2.8 billion, a major move by Canada's largest natural gas shipper into a lucrative new market. The purchase of the 2,480-megawatt gas-and-oil-fired complex in Queens from National Grid PLC ''represents a significant expansion of our energy business into one of the most important power markets in North America,'' TransCanada CEO Hal Kvisle said in a release. TransCanada Corp.
shares T.TRP are trading down $2.40 at $37.15.
