Customers of New Hampshire-based Eversource Energy are expected to reap $300 million in savings as the result of the sale of 12 of the company’s power plants, the company said March 12.
Sale of the Public Service of New Hampshire (PSNH) Power Plants also avoids potentially expensive lawsuits. Provisions of the sales agreement also preserve bargaining rights for employees of the plants being sold and require the new owners to continue operating the plants for 18 months after the sales date.
“This agreement provides significant savings for residential ratepayers and resolves outstanding disputes without any protracted litigation,” New Hampshire Consumer Advocate Susan Chamberlin said.
The projected $300 million in savings to the utility’s customers is expected during the next five years as the new owners assume responsibility for plant operations and investments needed to meet environmental regulations. To serve its customers, Eversource will purchase energy in the open market.
New Hampshire Senate Majority Leader Jeb Bradley (R-Wolfeboro) brokered the deal with the company.
“This agreement represents an opportunity to create real savings for PSNH customers, avoids protracted litigation with uncertain outcomes for all parties, and moves the operation of PSNH generating plants to competitive markets rather than remaining an ongoing ratepayer obligation,” Bradley said.
