A subsea cable system is a network of fiber-optic cables laid on or under the ocean floor that carries internet, telephone and private data traffic between continents and countries. Think of it as the high-capacity highways of global data: they determine how fast and reliably information moves, so their capacity, ownership, outages or repair costs can directly affect revenue, operating risk and growth prospects for companies that rely on or invest in international connectivity.
dual-fueltechnical
Dual-fuel describes equipment, vehicles, or power systems designed to run on two different types of fuel—typically a conventional fuel (like diesel) and an alternative fuel (like natural gas or hydrogen). For investors, dual-fuel capability matters because it acts like a built-in hedge: it can lower operating costs and regulatory risk by switching to the cheaper or cleaner fuel as conditions change, though it may require higher upfront investment and different maintenance.
simple-cycletechnical
A simple-cycle plant is a power-generation setup where fuel is burned to spin a turbine and make electricity in one direct step, without capturing and reusing the waste heat. Think of it like a car that throws away hot engine exhaust instead of using it to power an extra gearbox: it starts quickly and costs less to build but produces less electricity per unit of fuel and tends to be more expensive to run. Investors care because simple-cycle units offer fast, flexible capacity that can earn revenue in tight markets or for backup power, but they usually have lower long‑term margins and different regulatory and emissions profiles than more efficient designs.
aeroderivative gas turbinestechnical
Aeroderivative gas turbines are power engines adapted from aircraft jet engines to produce electricity or drive industrial machinery on land. They are lighter, quicker to start and more flexible with fuels than big stationary turbines—think of taking a high-performance car engine and using it to run a generator. Investors care because these units can cut startup times, fit into fast-response power markets, reduce downtime and capital costs, and are sensitive to fuel prices and maintenance expenses, all of which affect profitability and asset value.
NYISOtechnical
NYISO is the not-for-profit organization that operates New York State’s high-voltage electricity grid and the wholesale markets where large-scale power is bought and sold. It sets operating rules, runs auctions for energy and capacity, and manages congestion and reliability — like an air-traffic controller for electricity — so its actions directly influence wholesale power prices, utility and generator revenues, and investment decisions in generation, storage and transmission.
New York Independent System Operatortechnical
A nonprofit organization that runs the electricity grid and the wholesale electricity market for a U.S. state, coordinating when and how power is generated, moved and sold to keep the lights on. Investors care because it sets the rules, schedules and prices that affect utility companies, power producers and transmission projects—think of it as an air-traffic controller and a marketplace manager for electricity, whose decisions influence revenues, costs and investment plans in the energy sector.
load zonestechnical
Areas defined by power grid operators that group locations with similar electricity demand and transmission limits; they are used to set local wholesale electricity prices and allocate grid capacity. For investors, load zones matter because prices, congestion costs and the value of power plants or transmission projects can vary by zone—think of them like different toll sections on a highway where charges and traffic levels affect revenues and operating costs.
peaking resourcetechnical
A peaking resource is a power generator or storage system that operates mainly during short periods of very high electricity demand, supplying extra energy when the regular system is strained. Think of it like a spare car you only use during rush hour: it may sit idle most of the time but becomes essential during peak needs. For investors, peaking resources can earn elevated prices or capacity payments during spikes, have different utilization and maintenance profiles than baseload assets, and are sensitive to changes in demand patterns, regulation, and competing technologies.
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NEW YORK--(BUSINESS WIRE)--
Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced it has agreed to sell its ownership stake in Thermal Bayonne Holdings, LLC (Bayonne Energy Center or Bayonne) to Jupiter Energy Investor, LLC.
Located in Bayonne, New Jersey, Bayonne Energy Center supplies electricity, capacity, and ancillary services exclusively to New York City via a dedicated subsea cable system. MSIP acquired the generating facility in 2018 and has since managed the plant through its power asset management platform TigerGenCo.
“As the newest dispatchable generator serving New York City, Bayonne has demonstrated exceptional operational performance and plays a critical role in supporting New York’s grid reliability,” said Dan Barbosa, Executive Director at Morgan Stanley Infrastructure Partners.
“Bayonne exemplifies MSIP’s approach to enhancing asset quality and resilience through active operational and commercial management,” said Chris Ortega, Managing Director and Head of Americas at Morgan Stanley Infrastructure Partners.
Bayonne Energy Center is a 660-megawatt dual-fuel generating facility serving the five boroughs of New York City or what is referred to as NYISO Zone J, one of 11 geographic "load zones" managed by the New York Independent System Operator (NYISO) to maintain the reliability of the state's bulk power grid and administer wholesale electricity markets. Bayonne was commissioned in 2012 and is comprised of 10 simple-cycle aeroderivative gas turbines capable of rapidly starting and following electricity demand as a peaking resource.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals. Jefferies LLC served as lead financial advisor to MSIP.
About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested in a diverse portfolio across transportation, digital, energy transition, and water & waste. MSIP targets assets that provide essential public goods and services with the potential for value creation through active ownership. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.9 trillion in assets under management or supervision as of December 31, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
