July 30, 2016 8:29 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of PSEG Power LLC

Company Overview

PSEG Power LLC operates as a wholesale energy supply company primarily in the Northeast and Mid-Atlantic United States. The company integrates the operations of its merchant nuclear, fossil, and renewable generating assets with its wholesale energy sales, fuel supply, and energy transacting functions. It offers a range of products and services, including energy, capacity, ancillary services, emissions allowances, and congestion credits used to optimize the operation of the energy grid to power marketers; investor-owned and municipal utilities; and aggregators who resell energy to retail consumers, or in the open market. The company also sells wholesale natural gas. It owns and operates 11,67...

80 Park Plaza, T-25

Newark, NJ 07102

United States

Founded in 1999

2,939 Employees

Key Executives for PSEG Power LLC

Chairman, Chief Executive Officer, Chairman of PSEG and Chief Executive Officer of PSEG
Age: 58
President, Chief Operating Officer and Director
Age: 60
Chief Financial Officer, Executive Vice President and Director
Age: 52
Chairman of PSEG Long Island LLC, President of Public Service Electric & Gas Company (Pse&g) and Chief Operating Officer of Public Service Electric & Gas Company (Pse&g)
Age: 52
President of PSEG Nuclear and Chief Nuclear Officer of PSEG Nuclear
Compensation as of Fiscal Year 2016.

PSEG Power LLC Key Developments

PSEG Power Announces Power Plant Investments in New Jersey

PSEG announced the groundbreaking ceremony of PSEG Power's power plant investment in New Jersey, Sewaren 7. The new Sewaren 7 power plant will replace the nearly 70-year-old, less-efficient generating units with cleaner, more efficient technology. Sewaren 7 represents an investment of more than $600 million and is targeted to be operational in time for summer of 2018. The plant will bring new tax revenue to the region, and clean capacity to New Jersey and the region, supporting electric system reliability. The project will be built primarily by union labor and is expected to generate about 350 jobs during the two-year construction phase.

PSEG Power LLC Presents at Platts 11th Annual Northeast Power & Gas Markets Conference, May-25-2016 11:00 AM

PSEG Power LLC Presents at Platts 11th Annual Northeast Power & Gas Markets Conference, May-25-2016 11:00 AM. Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States. Speakers: Shahid Malik, President, Energy Resources.

PSEG Power Reports Unaudited Earnings Results for the Fourth Quarter and Earnings and Operating Results for the Full Year Ended December 31, 2015; Provides Earnings and Operating Guidance for the Year 2016 and Operating Guidance for the Year 2017 and 2018; Opens New 485-Mw Clean, Natural Gas-Fired Combined Cycle Power Plant at its Existing Bridgeport Harbor Station Site

PSEG Power reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating earnings of $95 million or $0.19 per share and adjusted EBITDA of $235 million compared to operating earnings of $91 million or $0.18 per share and adjusted EBITDA of $271 million for the fourth quarter of 2014. Net income for the quarter was $149 million compared to $320 million a year ago. Results for the fourth quarter reflect the impact of strong hedging and tight control of operating expenses which offset an anticipated decline in capacity revenue, and the impact of unseasonably warm weather on wholesale energy prices. For the year, the company reported operating earnings of $653 million or $1.29 per share and adjusted EBITDA to $1,563 million compared to operating earnings of $642 million or $1.27 per share and adjusted EBITDA of $1,584 million for the full year 2014. Net income for the full year was $856 million compared to $760 million a year ago. For the year, output increased 2% to 55.2 TWh, as improvements in availability and efficiency supported growth. The nuclear fleet operated at an average capacity factor of 90.4% for the year, producing 30 TWh (54% of generation). Efficient combined cycle gas turbine capacity (CCGT) was rewarded in the market with an increase in dispatch levels. Power's CCGT fleet set a generation record during the year as the Linden Station and Bethlehem Energy Center set individual records. Output from the CCGT fleet grew 11% to 18.4 TWh (33% of total output) during the year. Lower market demand for coal units reduced output from those stations to 5.8 TWh for the year (11% of total output) as the fleet's peaking capacity produced 1.0 TWh (2% of total output). For the year 2016, the company expects operating earnings in the range of $490 million to $540 million. The forecast for operating earnings equates to estimated adjusted EBITDA for 2016 of $1,320 million to $1,400 million. The company is expecting output for 2016 to remain unchanged at 54 – 56 TWh. Following completion of the Basic Generation Service (BGS) auction in New Jersey in February 2016, Power enters the year with 100% of its 2016 baseload generation hedged. Approximately 70% - 75% of anticipated annual production is hedged at an average price of $51 per MWh. For the year 2017, the company has hedged approximately 45% - 55% of its forecast generation in 2017 of 54 – 56 TWh at an average price of $50 per MWh. For the year 2018, the company has hedged 15% - 20% of forecast production of 59 – 61 TWh at an average price of $54 per MWh. Power assumes BGS volumes will represent approximately 11 – 12 TWh in each of 2016 and 2017 – consistent with 11.5 TWh of deliveries in 2015 under the BGS contract. The forecast improvement in output for 2018 reflects the commercial start-up in mid-2018 of 1300 MWs of new gas-fired combined cycle capacity at the Keys and Sewaren stations. PSEG Power cleared a new 485-MW clean, natural gas-fired combined cycle power plant at its existing Bridgeport Harbor Station site. The unit, which represents an investment of more than $550 million, is targeted to be in operation in June 2019.

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