- Eversource Energy has launched the process to sell 1,200 MW of coal, oil, gas, hydro and biomass units in New Hampshire, the result of a 2015 settlement that aims to save customers money by avoiding costs to operate the plants.
- Eversource, formerly Public Service of New Hampshire, said the auction will be managed by J.P. Morgan Securities LLC, the utility's advisor on the deal.
- According to SNL Energy, the generation spans 13 plants and is valued at more than $1 billion, according to its S&P Global Market Intelligence Power Forecast.
It's been two years since Eversource reached an agreement to sell its New Hampshire generation, but the utility said it launched the sale process last month. The agreement with the state aims to complete deregulation in New Hampshire and help stabilize rates.
Qualified bidders who sign a non-disclosure agreement will be given access to non-public information to allow them to form a "preliminary non-binding proposal," Eversource said in a statement. That phase of the sale process will conclude late next month.
The 13 plants to be sold include nine hydro facilities and the 439-MW Merrimack coal plant.
After the sale, customers will no longer pay the existing regulated rate of return on the plants. Instead, Eversource will purchase energy for its New Hampshire customers in the competitive market—consistent with all other utilities in the state and across the region.
The deal is expected to save consumers at least $300 million. Customers will no longer be responsible for paying for the continued operation of the plants, and will avoid paying for plant upgrades to meet environmental standards.