Sep 18, 2016 2:35 PM
Merrimack Station in Bow to be sold, likely by next summer
BOW - Eversource's Merrimack Station will likely be sold by next summer.
The Public Utilities Commission chose J.P. Morgan to auction off Eversource Energy's power plants and hydropower assets, according to the Concord Monitor. The energy company is required to sell its nine hydro facilities and three fossil-fuel plants under a settlemnet agreement reached last year.
The auction will take place in rounds, and bidders can make offers on one plant or a group of plants. Municipalities will be able to bid in the second round.
J.P. Morgan will earn $3.1 million from the sale, which will be paid from the proceeds. The company will receive an additional 1.5 percent if the sale exceeds $200 million. The Executive Council approved the contract last week.
Once the assets are sold, Eversource will purchase power on the competitive market, as do other utilities in the state.