Eversource Sells Last of Its Power Plants

Eversource has completed its part of divestiture by closing on all its electricity producing power plants in New Hampshire.  These plants provide base-load coverage for when additional electricity is needed at a moments notice to fill gaps not possible by renewable or natural gas sources of electricity.  These plants will operate for another 18 months.  At that time, the new owners have an option to continue, close down, or convert to natural gas.  It is my belief that the lack of adequate and consistent modes of transporting additional natural gas into our state may affect the new owner’s decision. The following article refers to the sale of these plants.


“A consortium of Stamford and Greenwich buyers announced this week they had completed the $175 million acquisition of a group of Eversource-owned fossil-fuel plants in New Hampshire.
The firm’s three large fossil-fuel facilities and two remote-combustion turbines in the state are now owned by Granite Shore Power LLC, a new 50-50 partnership between Greenwich-based holding company Atlas Holdings and Stamford-based global commodity merchant Castleton Commodities International. In a related deal, Hull Street Energy LLC and affiliates, a private equity group in Bethesda, Md., is acquiring for $83 million nine Eversource-owned hydroelectric plants in the state.

“We look forward to not only ensuring a smooth transition of ownership but to having these facilities continue to serve as reliable and cost-efficient sources of power,” Jim Andrews, president of Granite Shore Power and its subsidiaries, said in a statement. “In the months ahead, we intend to establish strong partnerships with our associates, the communities in which we operate and those served by these facilities.”

Selling the properties is intended to complete electric deregulation in New Hampshire and change how Eversource procures energy, company officials have said. Eversource — which serves more than 1.4 million customers in Connecticut and more than 500,000 in New Hampshire — has said it reached a comprehensive 2015 agreement on the matter with a number of public and private agencies in the Granite State.
As part of the terms of the agreement, the new owners must keep the plants in service for at least 18 months and honor an employee benefits package established by Eversource and the International Brotherhood of Electrical Workers union.

Atlas and its affiliates own 18 “platform” companies, which collectively operate approximately 220 facilities around the world. The portfolio includes co-generation units at several sites and Greenidge Generation, a 106-megawatt plant in Torrey, N.Y., converted from coal to natural gas and biomass in 2016. CCI owns 20 power-generation assets, comprising approximately 2,000 megawatts, across the U.S. and Europe.”
pschott@scni.com; 203-964-2236; twitter: @paulschott

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