Public Service Enterprise Group (PSEG) has announced the sale of 6.8 GW portfolio of fossil fuel energy plants to Parkway Generation and Generation Bridge II, wholly owned subsidiaries of Boston-based ArcLight Energy Partners Fund VII LP, for $1.9 million.
The generation portfolio includes 13 generation units across Connecticut, New York, New Jersey and Maryland, including approximately 5.1 GW of combined cycle gas turbines, 1.2 GW of combustion turbines and a 450 MW peaking plant. PSEG”™s plants in Bridgeport and New Haven are part of the transaction.
In May, PSEG retired its 400 MW Bridgeport Harbor Station Unit 3 power plant, its last remaining coal plant. PSEG Chairman, President and CEO Ralph Izzo has stated the company is moving away from fossil fuel generation in favor of renewables and cleantech solutions.
“Our utility, a clean energy infrastructure-focused business, will be complemented by a significantly contracted, carbon-free generating portfolio, consisting of our nuclear fleet and investments and opportunities in regional Offshore Wind,” Izzo said during the company”™s recent second quarter earnings call.
