Sale Process of Eversource's N.H. Electric Generation Units Launched J.P. Morgan leads auction - includes coal, oil, gas, hydro & biomass units
The process to sell the remaining electric generation assets and related properties held by Public Service of New Hampshire, now doing business as Eversource, launched today (2/28), led by the designated auction advisor, J.P. Morgan Securities LLC ("J.P. Morgan"). The portfolio includes 1,200 megawatts of energy production capacity located in New Hampshire comprising coal, oil, gas, hydro and biomass-fired units.
The sale is part of a comprehensive 2015 Settlement Agreement between Eversource and the State of New Hampshire that is aimed at completing deregulation of the electric utility industry in the Granite State and stabilizing rates. Following the enactment of related legislation, the N.H. Public Utilities Commission in 2016 established the auction process being managed by J.P. Morgan. Additional information about the auction is available on the NHPUC website at http://www.puc.state.nh.us/regulatory/docketbk/2016/16-817.html.
The timeline for the sale process is outlined in the February 17, 2017 secretarial letter titled "Commencement of Auction Process," posted at http://www.puc.state.nh.us/Regulatory/Docketbk/2017/17-029.html. As part of that process, J.P. Morgan is issuing a request for qualification ("RFQ") from interested parties to determine qualified bidders. The deadline for responses to the RFQ is March 10, 2017. Following the execution of a non-disclosure agreement, qualified bidders will be given access to certain non-public information to allow them to form a preliminary non-binding proposal. This phase of the process is expected to conclude in late April 2017.
Interested parties should contact J.P. Morgan at:
Pete Kelly, Executive Director
+1 (212) 622-1094
Neil Davids, Executive Director
+1 (212) 622-6835
Eversource (NYSE: ES) is New Hampshire's largest electric utility, serving more than 500,000 homes and businesses in 211 cities and towns and is proud to be recognized as the top contributor to United Way in New Hampshire. Recognized as the top U.S. utility for its energy efficiency programs by the sustainability advocacy organization Ceres, Eversource harnesses the commitment of its approximately 8,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and superior customer service. For more information, please visit our website (www.eversource.com) and follow us on Twitter (@eversourceNH) and Facebook (facebook.com/EversourceNH).