PSEG Power Has Agreed to Sell Its Interest in Keystone and Conemaugh Coal Plants
Nears Completion of its Coal Exit Strategy With Entire Coal Fleet Sold or Scheduled for Sale or Shutdown
NEWARK, N.J., June 24, 2019 /PRNewswire/ -- PSEG Power has agreed to sell its 776-megawatt (MW) interest in the Keystone and Conemaugh generation facilities in western Pennsylvania and related assets, including the assumption of related liabilities. The transaction is expected to close during the second half of 2019, subject to customary closing conditions and regulatory approvals. With this announcement, PSEG Power eliminates a non-core asset and is one step closer to completing its coal exit strategy, with the remainder of the company's coal generating assets either sold or scheduled for early retirement. The agreement to sell Keystone and Conemaugh is the latest step in PSEG Power's long-term strategy, which includes eliminating non-core assets and moving away from coal-fired generation. In October 2016, PSEG Power announced the retirements of its Hudson and Mercer coal-fired generating stations comprising 1,252 MW. PSEG Power has also announced the early retirement of its 383 MW coal unit in Bridgeport, Connecticut, in 2021. Over the past few years and leading up to 2021, PSEG will have retired or exited through sales over 2,400 MW of coal-fired generation. About PSEG Power PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (https://corporate.pseg.com/). About PSEG Visit PSEG at: From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings. View original content to download multimedia:http://www.prnewswire.com/news-releases/pseg-power-has-agreed-to-sell-its-interest-in-keystone-and-conemaugh-coal-plants-300873433.html SOURCE PSEG Power |
|