PSEG shedding solar assets as it holds on to carbon-free nuclear fleet

New Jersey-based utility Public Service Enterprise Group (PSEG), which previously reaffirmed its commitment to maintain its nuclear fleet and divest of most other generation assets, has found a buyer for its Solar Source portfolio.

The sale includes 467 MW in 25 solar facilities to Quattro Solar, an affiliate of LS Power. The Solar Source assets are in several states.

In August 2020, PSEG announced plans to sell its non-nuclear generation portfolio, keep the reactor facilities and focus on a regulated utility business. The utility would contract out other generation as needed, according to reports.

Ralph Izzo

“This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility. We also intend to continue our efforts to preserve our existing carbon-free nuclear fleet and to seek regional growth opportunities in offshore wind projects that fit with PSEG’s Powering Progress strategy,” PSEG Chairman, President and CEO Ralph Izzo said. “PSEG is committed to clean energy and the pursuit of a sustainable business model.”
The Strategic Alternatives process is an important part of PSEG’s transformation, strengthening the focus on Public Service Electric & Gas (PSE&G), which already comprises approximately 80% of PSEG’s Operating Earnings mix.

PSEG Power, another subsidiary, will shut down the coal-fired Bridgeport Harbor Unit 3 in June. It is the company’s final coal-fired generation plant still in operation.

Last month, the New Jersey Board of Public Utilities extended zero emission certificates for three PSEG-owned nuclear power plants located in the state. Those New Jersey reactor units are Salem 1 and 2 and Hope Creek.

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Carbon-free nuclear and solar are both key parts of the content planned for POWERGEN International, happening Jan. 26-28 in Dallas, Texas. The POWERGEN Call for Speakers is now open and seeking content for tracks such as Decarbonization, Digitalization, Energy Storage Breakthroughs, the Future of Electricity, Hydrogen: What’s New and What’s Next?, Optimizing Plant Performance, the New Energy Mix (on-site power) and Trends in Conventional Power. Click here to see more and submit a session idea.

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