Eversource Finalizes Sale of New Hampshire Hydroelectric Facilities
August 27, 2018
MANCHESTER, NH 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 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.”
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 N.H. 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.
Hull Street Energy 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
Eversource (NYSE: ES) is New Hampshire's largest electric utility, serving more than 500,000 homes and businesses in 211 cities and towns, and also supplies water to approximately 9,300 homes and businesses in Hampton, North Hampton and Rye. Eversource is proud to be recognized as the top contributor to United Way in New Hampshire. Recognized as the top U.S. utility for its energy efficiency programs by the sustainability advocacy organization Ceres, Eversource harnesses the commitment of its more than 8,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. For more information, please visit our website (www.eversource.com) and follow us on Twitter (@eversourceNH) and Facebook (facebook.com/EversourceNH). For more information on our water services, visit www.aquarionwater.com.
About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that acquires, optimizes and grows middle market power businesses through the application of industry-leading risk management, efficiency enhancements and commodity contract structuring. Hull Street Energy was established by a team with extensive, long-standing expertise in the power industry. They bring to the firm's investments a unique combination of deep technical and commercial knowledge of the electricity industry, and top-tier financial investment expertise. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, including fuel inputs, renewable and fossil powered generation assets, transmission and distribution systems, and electricity demand-side businesses to build value for our investors and stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.