Marlboro-based Concentric Energy Advisors announced that is has successfully managed the sale of a nuclear plant owned by We Energies to Florida-based FPL Energy.
We Energies, a subsidiary of Wisconsin Energy Corp., sold the two-unit Point Beach Nuclear Plant for approximately $1 billion. Concentric managed the competitive auction for the property. The sale also included a PPA through the end of the current operating license at specified prices, retention by We Energies of all non-qualified decommissioning funds, and the potential for the retention of funds in the qualified decommissioning trust.
According to Concentric, both the price per kW for the asset and the PPA terms are unprecedented in the industry.Â
“The deal will provide We Energies and its ratepayers with tremendous value, risk shift, and price protection for years to come,” said John Reed, chairman and CEO of Concentric.
