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Shell is reshuffling its U.S. power generation portfolio, agreeing to sell its interests in a 609-megawatt New England natural gas power plant for $715 million while acquiring a smaller gas-fired generation business serving the PJM electricity market.
Shell Energy North America will sell its interests in RISEC Holdings to Constellation Energy Generation, the company said Thursday. RISEC owns a two-unit combined-cycle natural gas plant serving the ISO New England wholesale electricity market.
At the same time, Shell will acquire 100% of Hunlock Creek Generating from Riverview Power Holdings, an indirect subsidiary of Castleton Commodities International. Hunlock owns 169 MW of gas-fired generation in Pennsylvania, comprising a 125-MW combined-cycle facility and a 44-MW simple-cycle peaking plant. Shell did not disclose the acquisition price.
The deal gives Shell additional flexible generation and capacity exposure in PJM Interconnection, which operates the wholesale electricity market across 13 states and the District of Columbia and serves more than 65 million people. Shell said Hunlock will complement its existing natural gas and power trading operations.
