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Another Major Leadership Shuffle: PSEG Gets New CEO

September 4, 2022

PSEG CEO Ralph LaRossa (left) and PSEG’s previous CEO Ralph Izzo (right). Courtesy: PSEG

In another high-profile leadership shuffle at a major U.S. power generating company, PSEG’s longtime president and CEO Ralph Izzo on Sept. 1 passed leadership of the regulated infrastructure company to Ralph LaRossa, who was previously PSEG’s chief operating officer (COO).

Izzo, who will continue to serve as executive chair of the PSEG board until December 2022, will also pass that role to LaRossa. LaRossa will become chair of the PSEG Board on Jan. 1, 2023, when he will also join the executive committee of the PSEG board.

The leadership milestone at PSEG follows several notable leadership changes across the industry in recent months. In August, Entergy Corp. Chairman and CEO Leo P. Denault announced he would retire in 2023, ending a decade-long role as the head of the New Orleans–headquartered power generating giant. Denault will be succeeded by Andrew “Drew” Marsh, Entergy’s current executive vice president and chief financial officer.…

PSEG Agrees to Sell 6.8-GW Fossil Fleet to ArcLight Capital

August 14, 2021

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The post PSEG Agrees to Sell 6.8-GW Fossil Fleet to ArcLight Capital appeared first on POWER Magazine.

Public Service Enterprise Group (PSEG) has agreed to sell its 6.8-MW portfolio of non-nuclear generating assets—a fleet of 13 gas plants—to a fund controlled by ArcLight Capital Partners LLC for about $ 1.92 billion. The sale, which effectively sets up its exit from the competitive generation business, is expected to be completed late in the fourth quarter of 2021 or the first quarter of 2022.

The divestiture revealed on Aug. 12 follows PSEG’s announcement in August 2020 that it would shed part of its merchant generation fleet to reduce overall business risk and earnings volatility; improve its corporate credit profile; and enhance its environmental, social, and governance (ESG) position. “Our intent is to accelerate the transformation of PSEG into a primarily regulated electric and gas utility—a plan we have been executing successfully for over a decade,” Ralph Izzo, PSEG chairman, president, and CEO, said in a statement at the time.

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PSEG Power Closes Last Coal Plant, Explores Divestiture of Other Fossil Assets

June 6, 2021

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The post PSEG Power Closes Last Coal Plant, Explores Divestiture of Other Fossil Assets appeared first on POWER Magazine.

PSEG Power retired its Bridgeport Harbor Station Unit 3 (BHS 3, Figure 1) on May 31. The unit, located in Bridgeport, Connecticut, was the last remaining coal-fired power plant in the company’s fleet.

1. United Illuminating Co. placed Bridgeport Harbor Station Unit 3 in service in 1968. The station changed hands in 1999 when WISVEST purchased it. WISVEST sold the station to PSEG Power in 2002. Unit 3 was officially retired on May 31, 2021. Courtesy: PSEG Power

“The retirement of Bridgeport Harbor Station Unit 3 marks the end of an era for the City of Bridgeport and the citizens who relied on its power,” Ralph Izzo, chairman, president, and CEO of Public Service Enterprise Group Inc. (PSEG Power’s parent company), said in a press release. “I’m grateful to the generations of employees who operated this unit safely and reliably for more than 50 years, and to the entire Bridgeport community for their support.”…

PSEG Will Retire Two New Jersey Coal Power Plants

October 11, 2016

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Public Service Enterprise Group (PSEG) will close the 620-MW Hudson Generation Station in Jersey City, N.J., and the 632-MW Mercer Generation Station in Hamilton Township, N.J., on June 1, 2017.

“The sustained low prices of natural gas have put economic pressure on these plants for some time. In that context, we could not justify the significant investment required to upgrade these plants to meet the new reliability standards,” Bill Levis, president and COO of PSEG Power, said in a statement released on October 5. “The plants have been infrequently called on to run and neither plant cleared the last two PJM capacity auctions. The plants’ capacity payments have been critical to their profitability and PSEG’s ability to continue to invest in modernizing them.”

PSEG said it is committed to working with union representatives to limit the impact of the closures on the 200 affected employees, roughly split between the two facilities.

“These plants have played a critical role in powering the growth and economic expansion of New Jersey and PSEG is grateful to our employees who have played a part in building and running them for the past 50 years,” said Levis.…