Shell to Acquire RISEC’s Combined-cycle Power Plant, Rhode Island
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Shell Energy North America, a subsidiary of Shell, has signed an agreement to acquire a 100 percent equity stake in RISEC Holdings, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA.
This acquisition secures long-term supply and capacity offtake for Shell in the deregulated Independent System Operator New England (ISO New England) power market, where SENA has held a contract with RISEC under an energy conversion agreement for 100 percent of the plant’s energy offtake since 2019.
SENA is a full-service energy company providing energy solutions across all aspects of the market. SENA has been active in North American wholesale energy markets for over 25 years and is a market leader in wholesale and retail power, natural gas, and environmental products.
“Shell has had a successful integrated gas and power business in the growing ISO New England market for over 20 years, and this acquisition secures valuable trading opportunities by guaranteeing SENA’s position in the market,” said Huibert Vigeveno, Shell Downstream, Renewables & Energy Solutions Director.
“Our strong understanding of this plant’s performance positions Shell to capitalise on its value within our existing trading portfolio,” added Vigeveno.
RISEC’s combined-cycle gas turbine power plant supplies power to the ISO New England power market, where demand is expected to increase in coming decades due to growing decarbonisation efforts in sectors such as home heating and transportation.
The transaction is subject to regulatory approvals and is expected to close in Q1 2025.
With RISEC signaling an intent to sell, this 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, maintaining Shell’s position in the ISO New England power market. The acquisition preserves SENA’s current operations and mitigates market risk by ensuring a reliable and stable power generation source.
RISEC’s two-unit combined-cycle gas turbine power plant has a maximum capacity of 609 MW and an average operating capacity of 594 MW. Serving the ISO New England market, the plant is located outside Providence, Rhode Island, and has been in operation since its completion in 2002.
Shell is an international energy company with expertise in the exploration, production, refining and marketing of oil and natural gas, and the manufacturing and marketing of chemicals. They use advanced technologies and take an innovative approach to help build a sustainable energy future. They also invest in power, including from low-carbon sources such as wind and solar; and new fuels for transport, such as advanced biofuels and hydrogen.
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