Failed Auction. 575 The Commission and PSNH will make reasonable efforts to assure that a successful 576 auction occurs. These efforts shall be consistent with the objective of maximizing the TTV 577 of the sale of PSNH’s generation assets. 578 Should generation assets be left unsold as a result of the auction process or as a result 579 of the Commission not approving a sale, the Commission shall initiate a new divestiture 580 process for such unsold assets no later than ninety days from the date of the Commission’s 581 order approving the sale of the other generating assets or direct PSNH to pursue retirement of 582 such unsold assets in an economic manner, with recovery of the prudent costs of such 583 retirement via the SCRC, including costs such as environmental, decommissioning, penalties 584 imposed based upon capacity obligations, and employee protection costs. Should a second 585 divestiture process also result in a failed auction, the retirement option for any such unsold 586 generating assets will be pursued in an economic manner overseen by the Commission as 587 quickly as reasonably possible. Until such asset is divested or retired, PSNH shall retain the 588 assets, entitlements, or obligations, operate them prudently, and bid the output into the market 589 with the net of costs and revenues included in Part 2 of the SCRC.
Failed Auction. The Commission and PSNH will make reasonable efforts to assure that a successful auction occurs. These efforts shall be consistent with the objective of maximizing the TTV of the sale of PSNH’s generation assets. Should generation assets be left unsold as a result of the auction process or as a result of the Commission not approving a sale, the Commission in consultation with the auction advisor shall initiate a new divestiture process for such unsold assets no later than ninety days from the date of the Commission’s order approving the sale of the other generating assets or direct PSNH to pursue retirement of such unsold assets in an economic manner, with recovery of the prudent costs of such retirement via the SCRC, including costs such as environmental, decommissioning, penalties imposed based upon capacity obligations, and employee protection costs. Should a second divestiture process also result in a failed auction, the retirement option for any such unsold generating assets will be pursued in an economic manner overseen by the Commission as quickly as reasonably possible. Until such asset is divested or retired, PSNH shall retain the assets, entitlements, or obligations, operate them prudently, and bid the output into the market with the net of costs and revenues included in Part 2 of the SCRC.
Failed Auction. PSNH will make every reasonable effort to assure that a "failed auction" does not occur, resulting in some or all of its fossil/hydro generating stations, Seabrook, or Vermont Yankee not being sold. Steps to minimize the risk of a failed auction include the bundling of various assets as "must bid" groupings at the commencement of the Second Round of the auction process, and dedicated marketing of the assets throughout the auction process. Should assets be left unsold as a result of the auction process, the PUC shall have the authority to order the divestiture of the asset or obligation. This may be accomplished by awarding the asset, entitlement, or obligation to the highest bidder; requiring a PSNH affiliate to pay the minimum auction price in the case of Seabrook or Vermont Yankee; requiring a PSNH affiliate to pay the net book value for fossil/hydro generating stations; conducting an absolute auction; or by such other means as the PUC deems appropriate. If there is no final sale, PSNH will retain the assets, entitlements, or obligations and bid their output into the market with the net of costs and revenues included in Part 2 of the SCRC after the earlier of the Recovery End Date or the date that the Non-Securitized Stranded Costs are fully amortized.
