March 18, 2018 11:38 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 and fossil generating assets with its wholesale power marketing businesses through energy sales in energy markets and fuel supply functions. It offers a range of products and services, including energy, capacity, ancillary services, and congestion and renewable energy credits to utilities; and other power marketers, such as retail energy providers, as well as counterparties in the open market. The company also sells wholesale natural gas. It owns and operates 11,681 megawatts of nuclear and fossil generation faci...

80 Park Plaza, T-25

Newark, NJ 07102

United States

Founded in 1999

2,411 Employees

Key Executives for PSEG Power LLC

Chairman, Chief Executive Officer, Chairman of PSEG and Chief Executive Officer of PSEG
Age: 59
President and Chief Operating Officer
Age: 54
Chief Financial Officer, Executive Vice President and Director
Age: 53
President of PSEG Nuclear and Chief Nuclear Officer of PSEG Nuclear
President of PSEG ER&T
Age: 56
Compensation as of Fiscal Year 2017.

PSEG Power LLC Key Developments

PSEG Power Reports Financial Results for the Third Quarter of 2017; Provides Financial Guidance for 2017

PSEG Power reported financial results for the third quarter of 2017. For the quarter, the company reported net income of $136 million or $0.27 per share for the third quarter of 2017 compared with net income of $139 million or $0.27 per share for the year-ago quarter. Non-GAAP operating earnings were $0.31 per share for the third quarter of 2017 compared to non-GAAP operating earnings for the third quarter of 2016 of $0.34 per share. Non-GAAP adjusted EBITDA for the third quarter of 2017 was $356 million versus non-GAAP operating EBITDA for 2016 of $387 million. PSEG Power had debt at the end of the quarter representing 31% of capital. Power's net income in the third quarter was impacted by a decline in average energy hedge prices and the effect of cooler-than-normal weather on demand and output, which offset the decline in operating and maintenance expense. A lower average price on energy hedges was partially offset by Power's continuous efforts to lower its costs and Power's favorable gas supply position. The company forecasts full year 2017 non-GAAP operating earnings remains unchanged at $435 million to $510 million. The forecast represents non-GAAP adjusted EBITDA of $1,080,000,000 to $1,210,000,000. Power continues to forecast output for 2017 of 49 to 50 terawatt hours, approximately 86% of production for the remainder of the year of approximately 11 terawatt hours. It's hedged at an average price for $45 per megawatt hour. Power has hedged approximately 70% to 75% of 2018's forecast output of 52 to 54 terawatt hours at an average price of $41 per megawatt hour. And for 2019, Power has hedged 30% to 35% forecast output of 58 to 60 terawatt hours at an average price of $39 per megawatt hour.

PSEG Power Announces Unaudited Earnings Results for the Second Quarter Ended June 30, 2017; Provides Earnings Guidance for the Full Year of Fiscal 2017

PSEG Power announced unaudited earnings results for the second quarter ended June 30, 2017. For the quarter, the company announced net loss of $97 million or $0.19 per share and non-GAAP adjusted EBITDA of $261 million compared with a net loss of $11 million or $0.02 per share and non-GAAP adjusted EBITDA of $250 million for the second quarter of 2016. Non-GAAP operating earnings for the second quarter of 2017 were $97 million or $0.19 per share versus $91 million or $0.18 per share for the second quarter of 2016. The company’s net loss for the second quarter of 2017 reflects the impact of incremental depreciation and other expenses of $387 million, pre-tax, associated with the retirement of the Hudson and Mercer coal-fired generating stations on June 1, 2017. Non-GAAP operating earnings in the quarter increased $0.01 per share as the result of a June 1, 2017 increase in capacity prices. The company provided earnings guidance for the full year of fiscal 2017. The forecast range of the company's 2017 non-GAAP operating earnings and non-GAAP adjusted EBITDA are unchanged at $435 million to $510 million and $1,080 million to $1,210 million, respectively.

PSEG Power LLC Appoints Ralph Larossa as President and Chief Operating Officer, Effective October 2, 2017

Public Service Enterprise Group announced the election of Ralph LaRossa as President and Chief Operating Officer (COO) of PSEG's merchant generation business, PSEG Power effective October 2, 2017. LaRossa is currently President and COO of PSEG's utility business, Public Service Electric and Gas Company (PSE&G). In his new role, LaRossa succeeds William Bill Levis who in December 2016 had announced his plans to retire. Mr. LaRossa joined PSE&G in 1985 as an associate engineer and advanced through a variety of management positions in the utility's gas and electric operations. In addition to his role at PSE&G, on January 1, 2014, Mr. LaRossa was appointed Chairman of the Board of PSEG Long Island, a subsidiary of PSEG.

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