The Federal Energy Regulatory Commission on Sept. 11 approved the sale of the 550-MW, gas-fired Astoria II Project power plant in New York.
On July 11, Astoria Energy II LLC sought commission authorization for the disposition of jurisdictional facilities resulting from the transfer of indirect equity interests in Astoria II from EIF Management LLC to Gulf Pacific Power LLC. The jurisdictional facilities involved in the Proposed Transaction are Astoria II’s market-based rate tariff, wholesale power sales contract, interconnection facilities, and associated books and records.
Astoria II is the sole owner of the Astoria II Project, a 550-MW facility interconnected with the New York City submarket (Zone J) of the New York Independent System Operator (NYISO). Astoria II is adjacent to Astoria Energy LLC (Astoria I), a former affiliate of EIF Management.
Astoria II has market- based rate authority and is an exempt wholesale generator (EWG). Astoria II said it is committed to sell all the output of the Astoria II Project under a long-term power purchase agreement to the New York Power Authority.
Gulf Pacific is an investment fund managed by Harbert Gulf MM LLC, which is a subsidiary of Harbert Management Corp. The California Public Employees’ Retirement System (CalPERS) has committed to provide 97% of the aggregate capital committed to Gulf Pacific by its members, and no other member owns 10% or more of Gulf Pacific.
Astoria II told FERC that Astoria I owns and operates a 540-MW natural gas-fired facility in New York City. Astoria I sells 500 MW of its capacity and energy at market-based rates to Consolidated Edison Co. of New York under a long-term power purchase contract, and may at times sell small quantities of surplus electricity into the NYISO market.
CalPERS indirectly hold passive debt and/or equity investments in energy related assets. CalPERS currently own interests in the Somerset and Cayuga facilities, both located in the NYISO. CalPERS also holds interests in Neptune Regional Transmission System LLC which owns a 660 MW high voltage transmission line that is under the operational control of PJM Interconnection.