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

August 14, 2021

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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Eversource Will Sell 14 New Hampshire Power Plants, Completing Deregulation

October 15, 2017

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Fourteen power plants in New Hampshire, including nine hydroelectric facilities, will soon have new owners as Eversource Energy divests its holdings in the state to satisfy an agreement with state regulators. Eversource outlined the sale of the hydro assets, along with three fossil fuel-fired plants and two combustion peaker units, in an October 12 filing with the New Hampshire Public Utilities Commission (NHPUC).

The NHPUC is expected to approve the deal, with the transactions expected to close by year-end 2017 or in early 2018. As part of the agreement, the new owners must keep the plants in service for at least 18 months. The ownership change will mark the completion of electric deregulation in New Hampshire and bring rate adjustments to customers in the first half of 2018, according to an Eversource spokesman, who said the Eversource plants were the last operated by a regulated utility in New England.

Eversource now will purchase electricity on the wholesale market, which the utility said will lower rates for its customers.…

NRG’s New Plan: Sell Assets, Change Focus, Raise Cash

July 13, 2017

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NRG Energy said it will sell as much as $ 4 billion in assets as it seeks to lower its debt and cut costs after a revolt by activist investors unhappy with the company’s direction.

Shares of the company jumped 29% to a two-year high on July 12 after NRG announced the moves as part of a “transformation plan” designed to divest most if not all of its NRG Yield renewable energy business along with some of its conventional energy assets, including coal- and natural gas-fired power plants.

NRG, headquartered in Houston, Texas, said it wants to remove $ 13 billion in debt and generate more than $ 850 million in annual free cash flow, with a goal of adding more than $ 6 billion to its balance sheet through 2020 that would be available for new projects and investments.

NRG Energy unveiled a new plan to sell assets and change its focus in an effort to increase the company’s value for shareholders.

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