The Lakewood Planning Board has approved the construction of a 500mw peaking power plant in the Lakewood Industrial Park. The plant will be built and operated by Ocean Peaking Power LP, an affiliate of Con Edison Development. The plant will burn natural gas to produce electricity, and will not use any water in the process. An affiliate of Con Edison Development already operates a co-generation electric power plant in Lakewood. The new plant will be built next to Con Edison Development’s existing plant and should be in operation in the summer of 2002. The plant is designed to operate primarily at peak times, i.e. summer, when the demand for electricity is the greatest.