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Bringing Asset Management Expertise to Bayonne Energy Center

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Macquarie Infrastructure Corporation (MIC) owns, operates and invests in a portfolio of infrastructure businesses, including ownership of gas-fired, wind and solar power facilities in the United States.

In April of 2015, MIC acquired the Bayonne Energy Center, LLC (BEC), a 512-megawatt, gas-fired power generating facility in Bayonne, New Jersey. The facility entered service in 2012 and provides power to the New York City market via a cable that runs beneath New York Harbor to a substation in Brooklyn. The benefit of ownership in BEC is the stable income provided by long-term, fixed-price tolling agreements, while also recognizing upside exposure to premium energy and capacity prices in New York City on the non-tolled capacity.

MIC utilizes Direct Energy Wholesale Services as an experienced energy management partner for BEC. "One of the main reasons we chose Direct Energy Wholesale was their well-known gas supply expertise and their prior history with the asset," said Ellen Allman, Director, Asset Management with MIC's Contracted Power and energy group. "Direct Energy [Wholesale Services] is the ideal partner because of its deep gas supply and energy management capabilities."

"I like working with Direct Energy because they are so knowledgeable," said Allman. "Because they also have tolling arrangements with BEC, they're not just an energy manager either. This means that our interests are aligned and they have skin in the game too. They're equally incentivized to do well and our relationship has been very successful," she continued.

Finally, for Allman, the success of the partnership comes down to the relationship and the experienced, knowledgeable people at Direct Energy Wholesale. "They have a whole team of folks working to interface with the ISO, there's a lot of cooperation and coordination and they're a good bunch of people. They also have a deep bench of talented people, which makes working them even easier—I would definitely recommend them."

 

Posted: September 11, 2017

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