Hot on the heels of the revelation that the Providence City Council is seeking to give Dominion Energy Inc a $150,000 tax break comes a Bloomberg News report that Dominion is planning to sell the Manchester Street Power Station, and one other power plant located in in Pennsylvania, for a combined $1.5 billion.
Reporters Kiel Porter and Mark Chediak write that, “Dominion Energy Inc is working with JPMorgan Chase & Co to seek buyers for two power plants in Pennsylvania and Rhode Island, according to people familiar with the matter, as it sells assets to pay down debt.”
Robert Walton, writing for Utility Dive, writes that though the company is looking to sell some assets, “it is working to construct other gas-fired plants, along with renewables, in its regulated markets. In an integrated resource plan filed with Virginia regulators this year, the company indicated it wants to build eight new gas-fired plants capable of generating 3.66 GW by 2033.”
The Providence City Council Finance Committee is set to hold a public hearing on Monday, July 23 at 5pm to discuss an ordinance establishing a new tax exemption and stabilization (TSA) plan for the Manchester Street Power Station.
It is unknown how or if this potential sale is related to the proposed TSA.
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The Providence City Council Committee on Finance:
Majority Leader John Igliozzi, Chair
Senior Deputy Majority Leader Terrence Hassett, Vice-Chair
Majority Whip Jo-Ann Ryan
Council President Pro Tempore Sabina Matos
Councilwoman Carmen Castillo
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