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ES

Eversource

$61.45

0.15 (0.24%)

11:14
10/12/17
10/12
11:14
10/12/17
11:14

Eversource to sell nine hydroelectric facilities to Hull Street for $83M

As a result of the proposed sale of the company's power plants, Eversource New Hampshire customers will realize the benefits of a comprehensive restructuring and rate stabilization agreement entered into in 2015. In a filing today with the New Hampshire Public Utilities Commission, Eversource outlined the details of the agreements to sell the plants to two buyers. Following NHPUC and other necessary approvals, closings on the transactions are expected by late December or early 2018. This change in power plant ownership will mark the completion of electric deregulation in New Hampshire and a shift in how the company procures energy for customers in the future. The NHPUC in 2016 established the power plant auction process, which is being managed by J.P. Morgan. Under the proposed sales, which must be reviewed and approved by the NHPUC, Eversource's three large fossil generation facilities and two remote combustion turbines will be purchased by Granite Shore Power LLC, a newly-formed 50-50 partnership between Atlas Holdings of Greenwich, CT and Castleton Commodities International of Stamford, CT for a price of $175M. The company's nine hydroelectric facilities will be acquired by Hull Street Energy, LLC and affiliates for $83M. Consistent with the 2015 settlement agreement, customers will also benefit from Eversource's agreement to forego recovery of $25M related to the Merrimack Station emission reduction 'scrubber,' and from the financing of stranded costs remaining after the sales through the use of securitization bonds. These bonds take advantage of low interest rates. In addition, Eversource has agreed to provide $5M from its shareholders to establish a Clean Energy Fund. Details regarding the Clean Energy Fund will be established via a collaborative process overseen by NHPUC Staff and the Office of Energy and Planning.

  • 05

    Nov

  • 05

    Nov

ES Eversource
$61.45

0.15 (0.24%)

12/20/16
DBAB
12/20/16
UPGRADE
Target $59
DBAB
Buy
Eversource upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Jonathan Arnold upgraded Eversource to Buy to reflect his 2017 outlook for the Utilities & Power space, which signals a move towards "higher quality and lower leverage." The analyst keeps a $59 price target for the shares.
01/25/17
FBCO
01/25/17
INITIATION
Target $57
FBCO
Neutral
Eversource initiated with a Neutral at Credit Suisse
Credit Suisse analyst Michael Weinstein started Eversource with a Neutral rating and $57 price target.
07/31/17
DBAB
07/31/17
DOWNGRADE
DBAB
Hold
Eversource downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Caroline Bone downgraded Eversource Energy to Hold citing a less attractive risk/reward following the company's Q2 results. The analyst believes upside is too dependent on the success of Northern Pass.
07/31/17
JANY
07/31/17
NO CHANGE
Target $71
JANY
Buy
Eversource price target raised to $71 from $67 at Janney Capital
Janney Capital analyst Michael Gaugler raised his fair value estimate on Eversource shares to $71 from $67 after the company's Q2 results topped expectations, driven by three of its four reporting segments seeing year-over-year improvements. He keeps a Buy rating on Eversource.

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