PSEG Completes Sale of New Jersey and Maryland Fossil Production Assets to ArcLight Capital Partners
Proposed by Public Service Enterprise Group (PSEG)
Originally published on PSEG NewsRoom
NEWARK, NJ, Feb. 18, 2022 /CSRwire/ — Public Service Enterprise Goup (PSEG) has completed the previously announced sale of PSEG Fossil’s generating assets located in New Jersey and Maryland to an affiliate of ArcLight Energy Partners Fund VII, LP, a fund controlled by ArcLight Capital Partners, LLC. Completion of sale of New Jersey and Maryland assets completes one of two transactions that together include the sale of PSEG Fossil’s 6,750 megawatt portfolio of 13 fossil power generating units in New Jersey , Connecticut, Maryland and New York.
“This sale marks a key milestone in the strategic alternatives process we launched in July 2020 and positions us to continue to grow our regulated utility, PSE&G, complemented by more predictable zero-carbon generation and infrastructure,” said PSEG Chairman and CEO Ralph Izzo. noted. “PSEG is focused on clean energy and infrastructure investments to drive the growth of regulated utilities, with a vision towards a future where people use less energy, and it’s cleaner, safer and more reliable than ever. PSEG’s improved business mix, on track to achieve 90% regulation, further strengthens an already compelling environmental, social and governance profile. »
PSEG’s strategic alternatives process reduces overall business risk and earnings volatility, and highlights our investments and opportunities in regional offshore wind and the preservation of our existing nuclear fleet. PSEG also has decarbonization goals, including our participation in the UN-backed Race to Zero campaign.
In addition, subject to the satisfaction of required closing conditions, including applicable regulatory approvals, PSEG expects to complete the sale of PSEG Fossil’s New York and Connecticut generating assets during the first quarter of 2022.
Additional details and information may be available as part of PSEG’s regular quarterly financial presentations; Sign up for alerts HERE. PSEG provided a detailed strategy and financial update at its Investor Day, held on September 27, 2021. Materials for the event are available on our investor website or by clicking here, including including presentation and video replays. For more details on PSEG’s approach to climate and sustainability, see its most recent report HERE.
Goldman Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to PSEG in connection with the PSEG Fossil transaction.
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Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Based in Newark, NJ, PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (https://corporate.pseg.com).
Statements in this press release that are not purely historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include, but are not limited to, the occurrence of any event, change, development, occurrence or circumstance that could give rise to the termination of the agreement relating to the sale of the production assets of PSEG Fossil to New York and Connecticut by reason of, among other things, failure to comply with any of the closing conditions, including that a regulator or other third party may prohibit, delay, hinder or refuse to approve or to consent to the completion of the proposed transaction. These statements are based on management’s beliefs as well as assumptions made by management and information currently available to it. Factors that could cause actual results to differ materially from those contemplated in the forward-looking statements we have made herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the securities. and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will materialize or, even if they occur, will have the consequences or expected effects on us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making an investment decision. Forward-looking statements made in this press release speak only as of the date hereof. Although we may choose to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, except as required by applicable securities laws.
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Public Service Enterprise Group (PSEG)
Public Service Enterprise Group (PSEG)
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Based in Newark, NJ, PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
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