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Home»Business»Shell Energy Acquires Rhode Island Power Plant in Strategic Move
Business

Shell Energy Acquires Rhode Island Power Plant in Strategic Move

Sam AllcockBy Sam Allcock23/10/20243 Mins Read

Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc, has announced its agreement to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a combined-cycle gas turbine power plant with a capacity of 609 megawatts (MW) in Rhode Island, USA. This strategic acquisition aims to bolster Shell’s position in the deregulated Independent System Operator New England (ISO New England) power market.

The Rhode Island plant has been a vital asset for Shell since 2019, when SENA entered into an energy conversion agreement for 100% of the plant’s energy offtake. The acquisition will not only secure long-term supply and capacity offtake for Shell but will also enhance its trading opportunities in a market that has been a significant part of Shell’s integrated gas and power operations for over 20 years.

Huibert Vigeveno, Director of Shell Downstream, Renewables & Energy Solutions, commented on the acquisition, stating, “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.” Vigeveno also highlighted Shell’s understanding of the plant’s performance, which positions the company to capitalise on its value within its existing trading portfolio.

As the ISO New England power market prepares for increased demand, driven by ongoing decarbonisation efforts in sectors such as home heating and transportation, the acquisition of RISEC’s combined-cycle gas turbine power plant is expected to play a pivotal role in meeting future energy needs. The plant’s efficiency and capacity will support Shell’s commitment to delivering reliable energy solutions while navigating the transition towards lower carbon emissions.

The financial implications of the acquisition will be incorporated within Shell’s cash capital expenditure guidance, which remains unchanged despite this significant investment. The transaction is currently subject to regulatory approvals, and its completion is anticipated in the first quarter of 2025.

This acquisition marks another step in Shell’s ongoing strategy to strengthen its presence in the renewable and traditional energy sectors while adapting to evolving market demands. With an eye on sustainability and efficiency, Shell aims to leverage its capabilities and experience to enhance its operational effectiveness in the competitive New England market.

As energy demands continue to grow, particularly in light of climate change and the push for cleaner energy sources, Shell’s move to acquire the RISEC Holdings plant underscores its commitment to remaining a key player in the energy landscape. The company’s strategic investments reflect a broader trend within the industry towards integrating renewable energy solutions while maintaining a reliable power supply for consumers.

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