Power player PSEG Power does not play with power, it markets it for profit. The company is the independent power production and energy marketing subsidiary of Public Service Enterprise Group (PSEG). The unit owns and/or manages about 25 power stations in Connecticut, New Jersey, New York, and Pennsylvania. It oversees PSEG Nuclear LLC (which operates the Salem and Hope Creek generating stations in New Jersey and owns 50% of the Peach Bottom plant in Pennsylvania) and PSEG Fossil LLC (which has gas, oil, coal, and natural gas power plants). PSEG Power has installed capacity of more than 13,000 MW. Its PSEG Energy Resources and Trade unit buys and sells wholesale power, natural gas, and other energy commodities.
The company oversees the operations of 25 power stations. It operates through three principal direct wholly owned subsidiaries: PSEG Nuclear LLC,PSEG Fossil LLC, and PSEG Energy Resources and Trade.
PSEG Power operates in Connecticut, New Jersey, New York, and Pennsylvania.
In 2011 the company reported a 8% dip in revenues. That year it also posted a 12% drop in net income due to lower revenues and higher operation and maintenance and depreciation and amortization costs.
PSEG Power integrates its generating assets and gas supply business with its wholesale energy, fuel supply, energy trading and marketing and risk management operations. PSEG redistributes properties between its units as a way to pay down debt and streamline operations.
In 2011 PSEG Power sold generating assets (two 1,000 MW gas-fired plants) in Texas in two separate transactions in order to raise $686 million. The company closed the sale of the Guadalupe plant for $351 million in March 2011, and the Odessa plant for $335 million in July, 2011. The proceeds from the sale of the facilities in West Texas and South Texas were used for general corporate purposes.
(In 2009 PSEG transferred to PSEG Power some 2,000 MW of traditional generating capacity in Texas from PSEG Energy Holdings as part of a reorganization to focus the latter company on renewable energy development). – less