Eversource wraps up sale of facilities
MANCHESTER – Eversource has completed the sale of its New Hampshire hydroelectric facilities to an affiliate of Hull Street Energy LLC. Eversource’s nine hydroelectric stations – Amoskeag Hydro, Ayers Island Hydro, Canaan Hydro, Eastman Falls Hydro, Garvins Falls Hydro, Gorham Hydro, Hooksett Hydro, Jackman Hydro and Smith Hydro – will continue operating under new ownership.
“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,” said Eversource New Hampshire 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.”
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 New Hampshire fossil fuel powered generation facilities to Granite Shore Power LLC. The sales were completed in adherence to an auction process established by the New Hampshire Public Utilities Commission, which chose J.P. Morgan as its auction manager.
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.