8-KAcquisitions & DispositionsRegulation FDExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Acquisition Completed (Jan 16, 2018)

Filed January 16, 2018For Securities:ES

Summary

Eversource Energy (ES), through its subsidiary Public Service Company of New Hampshire (PSNH), announced the completion of the sale of its thermal generating assets on January 10, 2018. This divestiture is a significant step in PSNH's restructuring efforts as mandated by the 2015 Restructuring and Rate Stabilization Agreement. The sale includes approximately 1,100 MW of primarily fossil-fueled electricity generation plants, including the Northern Wood Power Project. The transaction resulted in net proceeds of approximately $134.1 million after adjustments for working capital, closing date matters, and taxes. These proceeds are part of a broader strategy to finance the recovery of stranded costs through long-term, low-cost securitization bonds, aligning with the company's commitment to strategic asset management and regulatory compliance.

Key Highlights

  • 1Eversource Energy's subsidiary, PSNH, completed the sale of its thermal generating assets on January 10, 2018.
  • 2The divested assets comprise approximately 1,100 MW of primarily fossil-fueled electricity generation plants.
  • 3The sale was conducted in accordance with the 2015 PSNH Restructuring and Rate Stabilization Agreement.
  • 4Net proceeds from the sale amounted to approximately $134.1 million after customary adjustments.
  • 5The divestiture is part of a plan to recover stranded costs through long-term securitization bonds.
  • 6Associated pro forma financial statements reflecting the impact of the sale are provided.
  • 7The company issued a press release on January 10, 2018, to announce the closing of the transaction.

Frequently Asked Questions

Eversource Energy, via its subsidiary Public Service Company of New Hampshire (PSNH), reported the completion of the sale of its thermal generating assets on January 10, 2018.

The net proceeds from the sale, after adjustments for working capital, closing date matters, and taxes, were approximately $134.1 million.

This sale is a key component of PSNH's restructuring plan, mandated by the 2015 Restructuring and Rate Stabilization Agreement, which requires the divestiture of all generating assets and the recovery of stranded costs through securitization bonds.

The filing includes unaudited pro forma condensed consolidated financial statements that depict the impact of the sale of the thermal generation assets on the company's balance sheet and income statements for comparative purposes.