Public Service Enterprise Group will grow to be a coal-free producing utility when it closes its final remaining coal-fired unit this summer season in Connecticut.
PSEG Power will shut down the Bridgeport Harbor Unit three in June, the corporate famous in its 2020 monetary earnings report launched Friday. The retirement just isn’t a brand new revelation, however an ongoing a part of the New Jersey-based utility firm’s need to deal with its carbon-free, non-fossil technology portfolio.
In August 2020, PSEG introduced plans to promote its non-nuclear fleet, together with gasoline, coal and photo voltaic belongings.
This portfolio contains greater than 6.75 GW of fossil-fired technology in New Jersey, Connecticut, New York and Maryland. PSEG is also seeking to promote its 467-MW Solar Source belongings in a number of states.
The Friday earnings report indicated these deliberate gross sales have been on monitor. PSEG has engaged Goldman Sachs and Wachtell, Lipton, Rosen & Katz as advisors for this strategic analysis of the belongings.
“PSEG is making regular progress on a number of enterprise priorities and on our technique to grow to be primarily a regulated utility with contracted technology, comprised of our zero carbon nuclear fleet and up to date announcement relating to New Jersey offshore wind via our partnership with Orsted North America,” PSEG CEO Ralph Izzo mentioned.
PSEG plans to spend between $14 billion-$16 billion on capital tasks over the following 5 years. Some ninety p.c of that may directed towards the Public Service Electric & Gas utility serving New Jersey.
The PSEG Salem and Hope Creek nuclear producing stations produce almost half of New Jersey’s electrical energy and greater than 90 p.c of the state’s air pollution-free technology.
In addition to Bridgeport Harbor, PSEG’s different fossil energy crops embrace Bergen, Bethlehem, Burlington, Essex, Linden, New Haven, Kearny, Keys Energy Center and Sewaren.
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