Building of the station began in 1994, and in 2000 first unit of the station was started to generate electrical energy. The gas-fired combined-cycle plant has a capacity of 900 MW. 90% of all produced electric power is exported to Finland. It was owned by the company of same name with majority shares held by RAO UES. In December 2007, as a result of reorganizations of RAO UES, it was decided to merge the North-West Thermal Power Plant with Inter RAO UES. The merger was completed on 1 May 2008 and the North-West Thermal Power Plant ceased to exist as independent company.
Since 2004, the power station was managed by Enel ESN Energo, a subsidiary of Enel.