NU sells competitive generation units

Northeast Utilities has sold its competitive generation businesses in Massachusetts and Connecticut to Energy Capital Partners of New Jersey.

Sale price was $1.34 billion, including the transfer of $320 million in debt.

The deal includes 15 generating plants at 14 sites — the largest of which, Northfield Mountain in Northfield, Mass. — generates 1,080 megawatts.

The agreement also includes Mt. Tom Station in Holyoke, Mass., a 146-megawatt coal-fired plant.

Company officials say the sale is expected to close by the end of the year.

According to the utility’s financial reports, NU – parent company of Public Service of New Hampshire — decided last November to sell off its the retail marketing and competitive generation businesses of its NU Enterprises subsidiary in November 2005. — CINDY KIBBE

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