Macquarie Sells NJ Gas-Fired Plant Powering NYC for $900M

Macquarie Infrastructure Corporation, part of Macquarie Bank, is selling 100% of the Bayonne Energy Center (BEC) gas-fired power plant in Bayonne, New Jersey for $900 million to an unnamed buyer. BEC is a 644 megawatt gas-fired electric generation plant constructed in 2012 and expanded earlier this year. BEC distributes power into New York City via a cable that runs from Bayonne, NJ beneath New York Harbor to a substation in Brooklyn. Macquarie bought the plant in 2015 for $720 million, and now they're flipping it, making $180 million in the process. Which we suppose is good news for Macquarie. But also somewhat strange--at least to us layman. In 2016, Macquarie bought most of the Lordstown Energy Center plant in Trumbull County, OH (see Lordstown, OH Gas-Powered Electric Plant Gets New Owners). And they continue to invest in other such projects. Yet now Macquarie is selling this gas-fired plant serving the largest city in the U.S. Our interest, as usual, lies in what gas powers the plant. We speculate that most, if not all, comes from the PA Marcellus...

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