"The completion of this sale is the final milestone in the deregulation of the electric utility industry in the Granite State, which will provide a number of important benefits to our customers," says Eversource NH President Bill Quinlan. "With this final sale, we are honoring the commitments made to employees and communities where the facilities are located, and we will maintain close communication with the towns to ensure a smooth transition."
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 was sold for less than its assessed value.
Hull Street Energy, headquarted in Bethesda, Marylend, is an experienced owner of power generation assets and related businesses and is building a significant presence in the North American power sector, as it transitions to a more decentralized and sustainable asset base. The transaction was originally announced in October 2017.
- Hydro Assets - 68.2 MW total nameplate capacity:
- Amoskeag Hydro, Manchester; 16.0 MW
- Ayers Island Hydro, Bristol; 8.4 MW
- Canaan Hydro, West Stewartstown; 1.1 MW
- Eastman Falls Hydro, Franklin; 6.4 MW
- Garvins Falls Hydro, Bow; 12.1 MW
- Gorham Hydro, Gorham; 2.2 MW
- Hooksett Hydro, Hooksett; 1.6 MW
- Jackman Hydro, Hillsborough; 3.2 MW
- Smith Hydro, Berlin; 17.2 MW
The sale of the energy company's power generation facilities is a component of a comprehensive restructuring and rate stabilization agreement established in 2015. In January, Eversource completed the sale of its NH fossil fuel-powered generation facilities to Granite Shore Power LLC. The sales were completed in adherence to an auction process established by the NH Public Utilities Commission, which chose J.P. Morgan as its auction manager.