Artem Voloskovets
Both transactions are expected to close in Q1 2027, subject to regulatory approvals. The deals are part of Shell’s active portfolio management strategy and will increase its exposure to the PJM power market.
Shell Expands in PJM
The acquisition of the 169 MW Hunlock Creek plant gives Shell additional physical generation capacity in PJM, one of the largest electricity markets in the U.S. PJM coordinates wholesale electricity across all or parts of 13 states and Washington, D.C., serving more than 65 million people.
The asset can complement Shell’s existing power trading and marketing operations, allowing the company to combine physical generation with electricity sales and trading in the region.
RISEC Sold for $715 Million
At the same time, Shell is selling its interests in RISEC Holdings to Constellation Energy for $715 million.
RISEC owns the Rhode Island State Energy Center, a 609 MW combined-cycle natural gas power plant in Rhode Island. The two-unit facility has an average operating capacity of approximately 594 MW, has operated since 2002 and participates in the ISO New England electricity market.
The timing of the sale is notable because Shell completed its acquisition of 100% of RISEC in January 2025. At the time, Shell said the plant would support its power trading business and provide long-term energy and capacity exposure in New England.
The planned $715 million sale therefore comes roughly two years after Shell took full ownership.
Shell Shifts U.S. Power Exposure
Together, the transactions represent a geographic and capital shift in Shell’s U.S. power portfolio.
Shell is selling its interest in a 609 MW New England asset while acquiring a 169 MW plant in PJM. The difference in headline generating capacity is 440 MW, meaning the strategy is not simply about adding more generation.
Instead, Shell is reallocating capital toward a market where it wants a stronger physical position. The Hunlock Creek acquisition increases its presence in PJM, while the RISEC sale monetizes an asset acquired only recently.
Key figures: $715 million RISEC sale, 609 MW RISEC capacity, 169 MW Hunlock Creek capacity, 440 MW difference in headline capacity, and Q1 2027 expected closing.
Artem Voloskovets
