FOR IMMEDIATE RELEASE
DATE: January 4, 2022
CONTACT: Dave Meisinger, email@example.com, (860) 889-4088
On December 31, 2021, the Connecticut Municipal Electric Energy Cooperative (CMEEC) transferred ownership of its Alfred L. Pierce 84 MW electric generating facility located in Wallingford, CT to MPH AL Pierce, LLC, a Delaware limited liability company that is indirectly owned by affiliates of Hull Street Energy, LLC (HSE). HSE is a private equity firm focused on achieving decarbonization through electrification and grid optimization and has extensive experience in the operation and management of power plants and other grid assets. The parties had previously announced the signing of the Asset Purchase Agreement on October 8, 2021.
CMEEC’s Chief Executive Officer Dave Meisinger signaled the achievement by commenting that since its repowering in 2007, the Pierce plant has been a valuable project for CMEEC and its members, but that the continued operation of the plant was no longer projected to provide the same wholesale rate stability and overall benefits that CMEEC’s members have come to expect:
The sale of the Pierce plant is an important step in the alignment of CMEEC’s mission to add economic value to the communities we serve while thoughtfully addressing the impacts of climate change. We are confident that HSE will operate the plant in a manner that will contribute to the reliability of the New England electric grid as our wholesale market structure continues to evolve in response to regional decarbonization goals.
About the Connecticut Municipal Electric Energy Cooperative
CMEEC is a political subdivision of the State of Connecticut created in 1976 pursuant to Chapter 101a of the Connecticut General Statutes. It is a non-profit municipal joint-action electric supply agency that provides the power supply requirements, at wholesale, of six municipal electric utilities with retail electric service territories in Connecticut as well as for other customers who purchase power at wholesale. Its municipal electric utility members are Bozrah Light & Power, Jewett City Department of Public Utilities, Groton Utilities, Norwich Public Utilities, South Norwalk Electric and Water, and The Third Taxing District of Norwalk Electric Division. CMEEC also supplies the wholesale power requirements of the Mohegan Tribal Utility Authority. For further information about CMEEC, please see https://cmeec.com/