Consumers Energy’s $1 hydro dam fire sale is getting a $23M federal sweetener. (MLive)
Back up: Consumers is seeking state approval to sell its 13 aging MI hydro dams for $1 each to Confluence Hydro, a subsidiary of PE firm Hull Street Energy. The catch? Consumers would then buy back the power for 30 years (at 2X the market rate) to fund the dams’ upkeep.
The federal play: Meanwhile, the DOE is resuming negotiations to distribute $23M in Biden-era safety incentives across 10 of these dams. Critics say the PE firm could eventually pocket this federal cash—while failing to properly repair dams amid flooding fears.