SHERIDAN, WYOMING – Jan. 26, 2025 (Shell) – Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc (Shell), has successfully completed the acquisition of a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. This acquisition solidifies SENA's position in the deregulated Independent System Operator New England (ISO New England) power market, securing long-term supply and capacity offtake for Shell.
Key Points
- Strategic Acquisition: The acquisition allows Shell to continue an energy supply agreement that has been in place since 2019 and secure long-term energy offtake from the plant. This move maintains Shell's position in the ISO New England power market and mitigates market risk by ensuring a reliable and stable power generation source.
- Power Plant Details: RISEC's two-unit combined-cycle gas turbine power plant, with a maximum capacity of 609 MW and an average operating capacity of 594 MW, serves the ISO New England market. The plant is located outside Providence, Rhode Island, and has been in operation since its completion in 2002.
- Efficient Power Generation: Combined-cycle gas turbine power plants generate electricity via gas turbines and capture waste heat to produce steam, which drives steam turbines for additional power. This process enhances efficiency and reduces emissions compared to single-cycle power plants, providing reliable, flexible power that balances the intermittency of renewable energy sources like wind and solar.
- Strong Financial Performance: The acquisition is projected to generate an internal rate of return well in excess of the hurdle rate set for Shell's Power business.
- Market Leader: SENA is a full-service energy company providing energy solutions across all aspects of the market. With over 25 years of experience in North American wholesale energy markets, SENA is a market leader in wholesale and retail power, natural gas, and environmental products.
About Shell
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