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N.J.'s Top Utility Willing to Take $415 Million Hit to Exit Coal

  • PSEG finds buyers for stakes in Pennsylvania coal power plants
  • ‘The last bit of coal that we have in our power portfolio’
An eastbound coal train passes through Waddy, Kentucky.
Photographer: Luke Sharrett/Bloomberg

Public Service Enterprise Group Inc., the owner of New Jersey’s biggest utility, agreed to sell its stakes in two Pennsylvania power plants at a loss, marking the last steps in its plan to exit from coal.

The deal to sell its stakes -- about 23% each -- in the Keystone and Conemaugh plants is expected to close in the second half of 2019, the Newark, New Jersey-based company said in a statement on Monday. PSEG will take a pretax charge of $375 million to $415 million in the current quarter because the anticipated sale price, which wasn’t disclosed, is less than book value of the assets, according to a filing.