FERC signs off on EIF buy of Brooklyn Navy Yard Cogeneration

The Federal Energy Regulatory Commission sent a June 21 letter to EIF Management LLC acknowledging its acquisition of a 315-MW, gas-fired power plant in Brooklyn, N.Y.

On April 2, as amended on April 17, EIF filed a notice of change in status stating that funds managed by EIF Management, the parent company of the EIF Companies, acquired Brooklyn Navy Yard Cogeneration Partners LP.

EIF also submitted a revised market-based rate tariff to reflect that Brooklyn Navy Yard is now a Category 2 seller in the Northeast region. Brooklyn Navy Yard is a generation owner in the Northeast region, and it is now affiliated with more than 500 MW of generation capacity in the Northeast region. Brooklyn Navy Yard remains a Category 1 seller in all other regions.

Brooklyn Navy Yard (BNY) is the sole owner and manager of a (maximum nominal) 315-MW qualifying cogeneration facility and exempt wholesale generator located and operating in Kings County, N.Y., in the New York ISO balancing authority area. The BNY facility is interconnected within Zone J to Consolidated Edison of New York (ConEd), to which it sells about 98% of its generation output under a long-term contract. Approximately 1.5% is sold to Brooklyn Navy Yard Development Corp. (BNYDC), a New York City governmental entity that manages the former Brooklyn Navy Yard as an industrial park, for resale to BNYDC’s industrial park tenants under a long-existing energy sales agreement. Up to 0.5% may be sold to Tyche Power Marketing LLC for resale to BNYDC for BNYDC’s own use.

The BNY facility provides the majority of its steam output to ConEd for distribution to New York City steam service customers, and also provides a portion of its thermal energy under a contract with New York City in exchange for the right to take wastewater effluent produced at the Red Hook Water Pollution Control Plant.

Prior to this deal, BNY was 100% owned by Mission Energy New York Inc. (Mission Energy NY) through its 50% direct interest in BNY and a 50% indirect interest held through BNY Holdings Acquisition Corp. Tyche Power Partners LLC held 100% of the interests in Mission Energy NY. As a result of this transaction, BNY is now 100% controlled and owned by EIF.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.