BOW, N.H. (AP) — A New Hampshire town has reached a settlement with the state's largest utility to repay millions in excess taxes on a local power plant.
New Hampshire Public Radio reports Merrimack Station in Bow is the largest coal-burning power plant left in New England. Until recently, it was owned by Eversource and made up the bulk of Bow's tax base.
Eversource says Bow charged them too much in property tax for the plant in 2012 and 2013. The New Hampshire Supreme Court agreed.
The town says it will reimburse Eversource $10 million to settle the dispute. The town says just under half that will come from reserves this year.
The rest will be repaid as reductions in Eversource's tax bills for its remaining property in Bow over four years.
Information from: WEVO-FM, http://www.nhpr.org/