PSEG Power Has Agreed to Sell its Interest in Keystone and Conemaugh Coal Plants

Source Press Release
Company ArcLight Capital Partners, LLCPublic Service Enterprise Group 
Tags Asset Deals, Deals, Renewable Energy, Power
Date June 24, 2019

Nears Completion of its Coal Exit Strategy With Entire Coal Fleet Sold or Scheduled for Sale or Shutdown

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 closingconditions 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.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd