US power utility Public Service Enterprise Group (PSEG) is considering divesting more than 6,750 MW of fossil fuel plants located in New Jersey, Connecticut, New York and Maryland and a 467 MW solar power portfolio located in various US states, as the group intends to transform into a primarily regulated and gas utility. The company intends to retain ownership of its existing nuclear plants (3,759 MW at end-2019) and will evaluate potential investments in offshore wind, including in Ørsted’s Ocean Wind project. PSEG plans to launch a sale process by the end of 2020 and have the transaction closed in 2021. At the end of 2019, PSEG’s total owned capacity was 11 GW, 60% of which is nuclear, 30% gas-fired, 8% coal-fired and 2% solar PV.
In July 2019, PSEG presented its Powering Progress vision in which it plans to shut down or sell all its coal-fired power plants fleet, while keeping operating only three gas-fired plants, namely the 1,060 MW Bridgeport, the 830 MW Keys and the 975 MW Sewaren power plants that will produce electricity until 2046. The company's coal phase-out strategy is set to be completed by 2021, when PSEG will have retire 2,400 MW of coal-fired capacity. PSEG intends to extend the operating licenses of its Salem and Hope Creek nuclear power plants, which will expire in 2036-2046. Around US$2.5bn will be invested in energy efficiency and new renewable energy projects to compensate the retired capacity. The utility aims to reach net-zero carbon emissions by 2050 with a reduction of 80% attainable by 2046 (compared to 2005 levels).
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