Consumers Energy agrees to sell 13 hydroelectric dams

GRAND RAPIDS, Mich. (WOOD) — Consumers Energy is selling its 13 hydroelectric dams to a Maryland-based energy investment firm.

Consumers and Hull Street Energy, LLC, on Tuesday announced they had signed a purchase agreement. In a release, Hull Street said it has created a subsidiary named Confluence Hydro to manage the 13 dams, as well as others purchased by Hull Street in the future.

The purchase agreement calls for Confluence Hydro to enter into a contract with Consumers to provide power from the dams for 30 years, the release said. According to Consumers' website, the reservoirs will be preserved.

Confluence Hydro intends to upgrade and modernize the dams, which Consumers has said need maintenance and capital investment.

"We believe a sale of the dams is the best path forward for ou