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Eversource completes sale of New Hampshire power assets

Published 11 January 2018

Eversource has completed the sale of its New Hampshire fossil fuel power plants to Granite Shore Power.

After decades of reliable service to New England customers, Merrimack Station in Bow, Newington Station in Newington, Schiller Station in Portsmouth, and combustion turbines in Groveton and Tamworth will now continue operations under new ownership.

“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 sale of Eversource’s power generation facilities was a component of a comprehensive restructuring and rate stabilization agreement entered into in 2015. The sales were completed in adherence to an auction process established by the N.H. Public Utilities Commission (NHPUC), which chose J.P. Morgan as its auction manager. The NHPUC on November 28 approved the sale of the fossil fuel facilities to Granite Shore Power LLC.

Under the sale agreements, the new owners must keep the plants in service for at least 18 months, and must honor a comprehensive employee benefits package established by Eversource and the International Brotherhood of Electrical Workers. Moreover, Eversource will provide three years of tax stabilization payments to communities where a power plant may be sold for less than its assessed value.

Consistent with the 2015 settlement agreement, customers will also benefit from Eversource’s agreement to forego recovery of $25 million related to the Merrimack Station emission reduction ‘scrubber,’ and from the financing of remaining stranded costs through the use of securitization bonds. These bonds take advantage of low interest rates. In addition, Eversource has agreed to provide $5 million from its shareholders to establish a Clean Energy Fund. Details regarding the Clean Energy Fund will be established via a collaborative process overseen by the NHPUC and the Office of Strategic Initiatives.

Fossil Assets – 1,130.1 MW total nameplate capacity:

Merrimack Station, Bow; Coal/oil; 502.0 total megawatts (MW)

Newington Station, Newington; Oil and/or natural gas; 416.0 MW

Schiller Station, Portsmouth; Coal/oil/biomass; 171.7 total MW

Lost Nation, Groveton; Oil; 18.0 MW

White Lake, Tamworth; Jet fuel; 22.4 MW



Source: Company Press Release