By Editors of Power Engineering
Eversource announced it has completed the sale of five facilities running on various fossil fuels totaling 1,130.1 MW.
Granite Shore Power LLC paid $175 million for the plants, all of which are in New Hampshire.
“Today marks a milestone in the deregulation of the electric utility industry in the Granite State,” noted Eversource NH President Bill Quinlan. “We will soon close on the related sale of our hydroelectric facilities and join other New England utilities by obtaining the energy we need to serve our customers from the competitive regional energy market. Importantly, the sale of our generation facilities honors commitments made to employees and communities where the facilities are located, ensuring a smooth transition.”
The plants include:
· Merrimack Station, Bow; Coal/oil; 502.0 MW
· Newington Station, Newington; Oil and/or natural gas; 416.0 MW
· Schiller Station, Portsmouth; Coal/oil/biomass; 171.7 MW
· Lost Nation, Groveton; Oil; 18.0 MW
· White Lake, Tamworth; Jet fuel; 22.4 MW
Under the terms of the sale, the plants will remain in service for at least 18 months and will honor a comprehensive employee benefits package. Additionally, the company will provide three years of tax stabilization payments to communities affected by sales of power plants less than their assessed value.
Eversource entered into the sale of its power generation facilities as part of a 2015 restructuring and rate stabilization agreement.
The nine hydro facilities are set for purchase by Hull Street Energy LLC for $83 million.