Public Service Enterprise Group (NYSE: PEG) is active across the spectrum of power generating technologies, with uprated gas and nuclear plants in the mix, plus new renewable energy facilities, said Ralph Izzo, Chairman, President and CEO of Public Service Enterprise Group at the company’s April 21 annual meeting of stockholders.
Among the power generation points that Izzo made during the speech are:
- “Reliability at PSEG is also about having power plants that are available to run as needed. In 2014, our combined-cycle fleet produced at record levels. Our new peaking units at Kearny had another year of increased output. And, given the overriding importance of safety, we are especially proud that for the second consecutive year, our fossil fleet achieved a safety performance in the top ten percent of its industry.”
- “Our nuclear fleet remains critical to our success and a major provider of reliable, emissions-free energy for New Jersey and the wider region. This past year, our Hope Creek nuclear generating station achieved the second highest electricity output in its history.”
- “We are promoting sustainability through our focus on clean energy solutions. Since 2009, PSE&G has invested more than $700 million to develop or help finance over 160 megawatts of solar power. Among other efforts, we have been using landfills and brownfields to bring the benefits of renewable energy to all of our customers.”
- “Meanwhile, we have continued to grow PSEG Solar Source’s portfolio of projects across the country. In 2014, we added utility-scale projects in Vermont, Texas, and Maryland – increasing Solar Source’s portfolio to 123 megawatts of clean, renewable energy – with 11 facilities in 9 states. We continue to explore opportunities to expand our solar portfolio.”
- “Also, we are actively investing to enhance the competitiveness of our environmentally wellpositioned generation business. In 2014, we completed the installation of equipment to increase the output and improve the efficiency of our Linden gas-fired combined-cycle plant and we are planning to install similar equipment at our Bergen 2 and Bethlehem Energy Center combined-cycle units.
- “Abundant gas from the nearby Marcellus region is benefiting our customers and our low-cost fleet operations while providing us with additional market opportunities. To further improve access to this key resource, this past year we acquired an equity interest with an expected investment of $100 million to $120 million in the proposed PennEast pipeline to transport natural gas from eastern Pennsylvania for use in New Jersey.”
- “We expect to add another 130 megawatts of nuclear capacity through an uprate at our Peach Bottom facility, which we jointly own with Exelon. This addition to our strong base of emissions-free nuclear capacity will further enhance our environmental profile.”
New Jersey-based Public Service Enterprise Group’s operating subsidiaries are: PSEG Power, Public Service Electric and Gas and PSEG Long Island.