Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc (Shell), has completed the previously announced 100% equity stake acquisition of RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island.
This acquisition maintains SENA's position in the deregulated Independent System Operator New England (ISO New England) power market, securing long-term supply and capacity offtake for Shell. In the coming decades, power demand is expected to increase in the ISO New England market due to growing decarbonization efforts in sectors such as home heating and transportation.
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.
