State Public Utilities Commission approves sale of Eversource fossil facilities
- Nov 30, 2017 11:42 am GMT
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Kreis said it is important the
"The terms of the purchase and sales agreement are such that there is a financial penalty that trickles down to customers," Kreis said. "The sales price declines every day the sale is delayed after the end of 2017."
Still pending before the PUC is a separate deal to sell nine hydroelectric facilities to
The hydroelectric locations are in
"We anticipate significant savings overall for our customers once the sales have been approved by the
The PUC also hasn`t ruled on nearly
All customers who receive a bill from Eversource, whether they choose Eversource as their energy supplier or only receive delivery service from us, will share in paying those costs if the PUC approves.
"The refinancing of these (stranded) costs from our overall cost of capital to a low cost Triple-A rated financing will produce significant savings for customers," Woods said.
Last year, the PUC established an auction process to sell the plants.
J.P. Morgan, which oversaw the auction, contacted 182 potential buyers as part of its outreach. The first round garnered 25 bids. The second round was cut to 16 bidders before J.P. Morgan received seven final bids: three for the entire portfolio and four for one or more assets, according to PUC order.
Following the bidding, J.P. Morgan recommended going forward with two bidders: a thermal-only bid and a hydro-only bid.
"We find that the auction process leading to the sale of the thermal assets was commercially reasonable, competitive and consistent in all respects with our prior auction design order," the commission wrote in its 28-page order dated Tuesday.