Winning Bidders Announced for Eversource NH Generation Assets

October 12, 2017 - After waiting for more than three years to find out who will take ownership of the electric generation assets of Eversource NH (formerly PSNH), IBEW 1837 members and New Hampshire ratepayers finally have their answer. The winning bidders of an auction were announced on October 12 in an Eversource filing with the New Hampshire Public Utilities Commission (NHPUC).

Eversource said their nine hydroelectric plants are being purchased for $83 million by Hull Street Energy, LLC and its affiliates. Hull Street is a private equity firm based in Bethesda, Maryland, that is focused on the power generation industry.

The three fossil fuel plants (Newington, Merrimack and Schiller Stations) are being purchased for $175 million by a partnership of Granite Shore Power LLC, a 50-50 joint venture of Atlas Holdings of Greenwich, Connecticut, and Castleton Commodities International of Stamford, Connecticut. 

The NHPPUC is expected to approve both of these transactions within a few months.

In 2014, Eversource entered into settlement talks related to the divestiture of their generating assets as the PUC responded to a new law giving them the authority to force the Company to sell them if it was in the “economic interest” of ratepayers. PSNH had been under pressure to sell in large part because costs associated with a state-mandated "scrubber" to reduce mercury emissions at Merrimack Station had led to substantial upward pressure on residential electric rates.

In 2015, IBEW 1837 members overwhelmingly ratified an agreement that extended their contract while providing additional employee protections if the fossil or hydro facilities were sold or closed. All prospective buyers agreed to abide by the terms of the Union contract and to continue to run the facilities for at least 18 months after the deal was finalized.

“We look forward to meeting with the new owners soon to begin working together to ensure the continuing success of these generation assets,” IBEW 1837 Assistant Manager Tom Ryan said. “We’re proud of the quality work provided by our members and we’re glad that all of these facilities will continue to make important contributions to their surrounding communities while providing critical electricity to the power grid.”

The Union represents more than 150 members at the Merrimack Station, Newington Station and Schiller Station fossil fuel plants as well as at nine hydropower generating facilities throughout the state.