The context: As we reported last month, Consumers wants to sell 13 aging hydro dams to Confluence Hydro, a subsidiary of PE firm Hull Street Energy…for $1 each. Then, ratepayers would buy back the power at 2x the market rate (for three decades). And critics worry that Confluence Hydro could neglect the dams and endanger surrounding communities.
The judge’s take? This deal is “inconsistent with the public interest,” Judge James Varchetti wrote. The Michigan PSC is slated to decide on the sale by September.
Molly Glick
Energy Central Team
Sun, Jun 14