It is anticipated the deal will close by the end of the second quarter of 2001, pending necessary consents and regulatory approvals. Curtis Palmer Hydroelectric Company, L.P. owns and operates two hydroelectric plants near Corinth, New York, and sells the entire output from the plants under a fixed price power purchase agreement with Niagara Mohawk Power Corporation. The agreement has a remaining term of more than 25 years. The Curtis Palmer facilities are situated on the banks of the Hudson River and have a generating capacity of approximately 60 megawatts. Last year, the project was re-licensed by the Federal Energy Regulatory Commission to operate for a period of 40 years.
Power is one of our core businesses and the U.S. northeast is one of our core markets.
This acquisition helps us grow and diversify our portfolio of power assets in one of North America's fastest growing power markets. TransCanada currently holds 41.6 per cent of the outstanding units in TransCanada Power, L.P. and manages the operations of the limited partnership through a wholly owned subsidiary. TransCanada is a leading North American energy company. It is focused on natural gas transmission, power, and gas marketing services, complemented by employees who are expert in these businesses. The company's network of approximately 38,000 kilometres of pipeline transports the majority of western Canada's natural gas production to the fastest growing markets in Canada and the United States.