PSEG to sell fossil fuel assets in pursuit of decarbonization

August 16, 2021, 6:59AMNuclear News
Hope Creek nuclear power station.

In the latest step toward its recently stated goal of achieving net-zero carbon emissions by 2030, Newark, N.J.–based Public Service Enterprise Group, owner of the Hope Creek and Salem nuclear plants, has entered into an agreement to sell its 6,750-MW fossil generating portfolio to newly formed subsidiaries of ArcLight Energy Partners Fund VII—a fund controlled by ArcLight Capital Partners. (ArcLight Capital is a Boston-based private equity firm, founded in 2001 and focused on energy infrastructure investments.) The $1.92 billion deal, announced by PSEG on August 12, is expected to be completed late in the fourth quarter of 2021 or the first quarter of 2022.

N.J. Supreme Court rejects nuclear subsidy appeal

July 21, 2021, 3:00PMNuclear News
The Salem nuclear power plant. (Photo: Peretzp)

In the latest legal action over the New Jersey Board of Public Utilities’ (BPU) April 2019 order providing subsidies to the Hope Creek and Salem nuclear plants, the state’s Supreme Court has declined to hear an appeal.

Extension of subsidies for Hope Creek/Salem approved

April 28, 2021, 3:02PMNuclear News
The Hope Creek nuclear power plant. Photo: Peretzp

New Jersey’s Board of Public Utilities (BPU) yesterday voted unanimously to extend, for an additional three years, the zero emission certificate (ZEC) program benefitting the state’s two operating nuclear power plants, Hope Creek and Salem. The two facilities produce more than 90 percent of New Jersey’s carbon-free electricity and about 40 percent of its overall power.