New Jersey supreme court affirms appellate decision upholding electric deregulation

NEWARK, N.J., Dec. 6, 2000 (PRNewswire) — The New Jersey Supreme Court today announced it has affirmed the Appellate Court Division's decision upholding the New Jersey Board of Public Utilities restructuring and securitization orders for PSE&G.

A written decision will follow. Today's court action allows PSE&G to move ahead with its plans to comply with the 1999 Board Orders.

"We will move quickly to implement the BPU order and to begin to realize the benefits — for customers, employees and shareholders — of finalizing the restructuring of PSEG," said E. James Ferland, Chairman and CEO of PSEG. "Putting the uncertainty of the judicial appeals behind us will allow us to take the necessary steps to increase our competitiveness in the US energy markets."

As a result of the decision, and to comply with the Board Orders, PSEG will initiate the following as soon as possible:

— The sale of $2.5 billion of securitization bonds by PSE&G, the proceeds of which will be used to retire outstanding debt and/or equity.

— The implementation of an additional 2% rate reduction for all PSE&G electric customers, based on the savings achieved through the securitization process. This is in addition to the 5% reduction that became effective August 1, 1999.

— The financing of PSEG Power LLC through the sale of debt.

"As a result of this decision and the restructuring that will take place at PSEG, PSE&G will now focus on what we have done well for more than 100 years — delivering gas and electricity reliably and safely — to our New Jersey customers," said Al Koeppe, president and COO, PSE&G.

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a publicly traded diversified energy and energy services company with three principal subsidiaries: Public Service Electric & Gas (PSE&G) Company, a regulated New Jersey electric and gas delivery company with more than 3.5 million customers; PSEG Power LLC, an unregulated power generation and trading company operating in the United States; and PSEG Energy Holdings, a holding company for other PSEG unregulated businesses, including PSEG Global and PSEG Resources. The PSEG website address is http://www.pseg.com.

SOURCE: PSE&G Company

Sponsored by FLSmidth

Related Articles

Vermont Yankee nuke owner says fuel removed from reactor

The owner of the Vermont Yankee nuclear power plant says the fuel has been removed from the reactor and placed in the spent fuel pool.

UK gov’t to take over Sellafield nuclear cleanup project

The UK government decided to take back control of clean up operations at the Sellafield nuclear site.

Follow Power Engineering on Twitter

Latest News

Monticello nuclear power plant has increased NRC oversight

NRC continues oversight of Monticello nuclear power plant

The U.S. Nuclear Regulatory Commission (NRC) said it will continue increased oversight of the...
Hinkley Point C nuclear power plant lawsuit Germany

German co-op to sue over Hinkley Point C nuclear incentives

A German energy cooperative said it will sue the European Commission over incentives for a nu...
University of Iowa plans steam generating power plant

University of Iowa proposes $75 million power plant

University of Iowa officials are ready to begin planning a steam production plant on the west...
Saudi Arabia South Korea nuclear power cooperation deal memorandum of understanding

Saudi Arabia, S. Korea sign nuclear power deal

Saudi Arabia and South Korea signed a deal to build nuclear power plants in the Kingdom.

W.Va. gov signs bill letting lawmakers OK state carbon plan

Democratic Gov. Earl Ray Tomblin has signed a bill letting lawmakers approve state plans to m...
 Nuclear company Areva in turmoil after billions in losses

Nuclear company Areva in turmoil after billions in losses

Nuclear manufacturer Areva has announced a 4.8 billion euro loss for 2014, more than its enti...
 Electric utility Dominion flexes political muscles in Virginia

Electric utility Dominion flexes political muscles in Virginia

Virginia's 2015 legislative session was a good one for energy giant Dominion Resources Inc. (...
Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

[Image Gallery] Callaway Energy Center Nuclear Power Upgrade Project

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Power Industry Wire News

Envision Solar Announces First Sale of Solar Powered EV Chargers in the Caribbean

Envision Solar Announces First Sale of Solar Powered EV Chargers in the Caribbean

Easi-Set Precast Products Ideal Solution for Military Market

Easi-Set Precast Products Ideal Solution for Military Market

Resolute Energy Corporation Announces Results for the Quarter and Full Year Ended December 31, 2014

Resolute Energy Corporation Announces Results for the Quarter and Full Year Ended Decem...

NV5 Awarded Professional Services Agreement With Xcel Energy

NV5 Awarded Professional Services Agreement With Xcel Energy

Petro River Acquires Clean Air Technology, Coalthane Tech LLC

Petro River Acquires Clean Air Technology, Coalthane Tech LLC

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>