Independent Power and Renewable Electricity Producers
Company Overview of PSEG Power LLC
PSEG Power LLC operates as a wholesale energy supply company primarily in the Northeast and Mid-Atlantic United States. The company integrates its nuclear, fossil, and renewable generating asset operations with its wholesale energy, fuel supply, energy trading, and marketing and risk management activities. 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 ...
80 Park Plaza, T-25
Newark, NJ 07102
Founded in 1999
Key Executives for PSEG Power LLC
Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Chief Financial Officer and Executive Vice President
Chairman of the Board 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)
Executive Vice President, General Counsel and Director
Compensation as of Fiscal Year 2015.
PSEG Power LLC Key Developments
PSEG Power Reports Earnings Results for the First Quarter of 2015; Provides Earnings Guidance for the Full Year of 2015
May 1 15
PSEG Power reported earnings results for the first quarter of 2015. The company reported operating earnings of $278 million or $0.55 per share for the first quarter of 2015 and adjusted EBITDA of $626 million compared with operating earnings of $293 million or $0.58 per share for the first quarter of 2014 and adjusted EBITDA of $651 million.
The company’s operating earnings for 2015 are forecast at $620 - $680 million. The forecast of operating earnings represents adjusted EBITDA for the full year of $1,545 million to $1,645 million. Results for the remainder of the year will be heavily influenced by an increase in the average price of hedged energy and the expected decline in year-over-year capacity revenue.
PSEG Power Reports Earnings Results for the Fourth Quarter and Full Year of 2014; Provides Earnings Guidance for 2015
Feb 20 15
PSEG Power reported earnings results for the fourth quarter and full year of 2014. The company reported operating earnings of $91 million or $0.18 per share for the fourth quarter of 2014. On a comparative basis, PSEG Power reported operating earnings of $115 million or $0.23 per share for the fourth quarter of 2013. PSEG Power's operating earnings in the fourth quarter were influenced by the known decline in capacity revenues, lower market prices for energy offset by the monetization of its gas supply position and a reduction in operation and maintenance expense. A decline in average PJM capacity prices to $166/MW-day from $244/MW-day on June 1, 2014 reduced Power's quarter-over-quarter earnings by $0.09 per share. A decline in the average price received on energy hedges and lower market prices were more than offset by strong margins on gas sales to increase Power's quarter-over-quarter earnings comparisons by $0.01 per share. Operation and maintenance (O&M) expenditures were lower than levels experienced in the year-ago period, which was heavily influenced by outage related work. A decline in O&M improved quarter-over-quarter earnings comparisons by $0.05 per share. Higher levels of depreciation and interest expense along with miscellaneous items combined to reduce quarterly earnings comparisons by $0.02 per share.
For the full year of 2014, operating earnings were $642 million or $1.27 per share. On a comparative basis, PSEG Power reported operating earnings of $710 million or $1.40 per share for the full year of 2013.
For 2015, operating earnings are forecasted at $620 million - $680 million. Results for the full year will be affected by a decline in capacity revenues, an increase in the average price received on energy hedges, Power's role as agent for LIPA's generation portfolio, and a modest increase in operation and maintenance expense.
PSEG Power LLC Promotes Kevin Cellars as Vice President – Construction
Feb 18 15
PSEG Power LLC announced the promotion of Kevin Cellars. He has been elected vice president – construction with responsibility for Construction and Engineering and the oversight of two service groups: Laboratory & Testing Services, and Maintenance & Repair Services. Cellars has been with PSEG Power since 2009.
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