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PSEG to sell off fossil-fuel plants

  • 3 months ago (2021-08-13)
  • David Flin
Gas 238 North America 892

Public Service Enterprise Group (PSEG) of the US has announced that it has agreed to sell its fleet of 13 fossil fuel-fired power plants for approximately $2.15 billion. The sale is to ArcLight Energy Partners Fund VII, controlled by ArcLight Capital Partners .

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Ralph Izzo, Chairman, President and CEO of PSEG, said: “A year ago, we announced the strategic review of PSEG’s non-nuclear generating assets in line with our long-term focus on regulated utility growth, improving our business mix and enhancing an already compelling environmental, social, and governance profile.”

PSEG expects to receive approximately $2.15 billion in after-tax net proceeds from the sale of these 13 power plants. This is less than half of the $4.5 billion book value of the fossil fleet listed in the company’s Securities and Exchange Commission filings. PSEG also sold off solar resources at an undisclosed price.