Consumers Energy to Sell 13 Hydroelectric Dams to Confluence Hydro with Potential for Resale
Consumers Energy intends to sell 13 hydroelectric dams to Confluence Hydro LLC, a subsidiary of Hull Street Energy, allowing potential resale without state approval. The Michigan Public Service Commission staff found no restrictions on Confluence's ability to transfer ownership.
The sale, priced at $1 per dam, is backed by a 30-year power purchase agreement at $160 per megawatt-hour, which is double the market rate. Critics express concern over environmental risks and the financial viability of operations under private ownership, citing past failures of similar structures.
Local governments support the sale, viewing it as a means to maintain recreational and environmental values. The deal is under review by the Michigan Public Service Commission.
