Private equity firm to buy all Consumers Energy dams in Michigan for $13

JACKSON, MI — Consumers Energy says it plans to sell its fleet of aging Michigan hydroelectric dams to a Maryland-based private equity firm.

Hull Street Energy of Bethesda will buy all 13 of the Consumers dams under a sale the parties hope to close late next year, the utility announced Tuesday, Sept. 9.

Through a subsidiary named Confluence Hydro, Hull Street Energy would agree to sell electricity from the dams back to Consumers for the next 30 years.

The sale price for all 13 dams is one dollar apiece. Consumers would not reveal terms of the power-purchase agreement.

The Michigan Public Service Commission (MPSC) and the Federal Energy Regulatory Commission (FERC) would need to approve the sale and a license transfer for the dams.

Consumers estimates securing those permissions could