Gulf Pacific Power Sold Stake in Queens Power Plant
The 615-megawatt Astoria Energy II facility sees ownership shift as EGCO New York completes a purchase agreement.
Updated on Sept. 22, 2026 in Oil and Gas
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Gulf Pacific Power has agreed to sell a 45.0549 percent indirect equity interest in the Astoria Energy II power plant to EGCO New York. This natural gas-fired facility in Queens currently supplies energy and capacity to the New York Power Authority.
Why it matters
For operators connected to local infrastructure, this transaction signals a change in the equity ownership structure of a significant New York City power generator. The move reflects evolving investment portfolios within the competitive regional energy market.
The deal involves a 45.0549 percent indirect equity interest in the 615-megawatt natural gas-fired Astoria Energy II plant. The transaction marks a shift in ownership for a facility serving the New York Power Authority.
The players
Gulf Pacific Power
An investment fund managed by Harbert Management Corp. that holds equity interests in regional power infrastructure.
EGCO New York
A subsidiary of EGCO Group, which invests in and manages international energy and utility assets.
New York Power Authority
A state-owned utility that serves as the nation's largest state public power organization.
The details
The agreement transfers the interest from Gulf Pacific Power, a fund managed by Harbert Management Corp., to EGCO New York, a subsidiary of EGCO Group. Astoria Energy II operates as a combined-cycle natural gas-fired plant located in the Queens borough of New York City. The site remains a critical provider of energy and capacity for the state's power network.
Timeline
September 16, 2026: Gulf Pacific Power signed the purchase and sale agreement.
Market Landscape
This transaction aligns with a documented trend of private equity funds divesting from mature fossil-fuel power assets in major urban centers. It reflects the broader consolidation and portfolio rotation currently reshaping the Northeast's competitive energy generation landscape.
Operators in the energy sector should monitor how ownership changes at major regional plants affect future capacity pricing and supply contracts. Businesses reliant on local energy stability should watch for any shifts in plant operational management resulting from this change in equity holders.
The takeaway
Large-scale divestitures in local infrastructure often signal a change in long-term facility management or strategic direction. Monitor subsequent regulatory filings for updates on plant management and capacity service commitments to the New York Power Authority.
Further reading
For more on shifting regional energy infrastructure, visit Oil and Gas.
Source note: This article includes information reported by Institutional Real Estate, Inc..
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